EDINBURGH, Scotland & LONDON--(BUSINESS WIRE)--Hampden & Co, the UK’s newest private bank, has released the full findings of its Property Finance Review 2019 in association with The Times. For the review, Censuswide surveyed a sample of 400 people who have taken out a mortgage and have either an annual income of more than £100,000 or disposable assets of over £300,000. The respondents answered questions around their top financial priorities in life, experiences in setting up mortgages, investments, property taxes and Brexit.
Key findings of the survey included:
- 54% of respondents stated that paying off their mortgage was their highest financial priority
- Only 30% described the experience of taking out a mortgage as “easy”
- 87% want banks to be doing more to help families get on the property ladder
- Only 3 in 10 people surveyed felt they had been “treated like a person” during the mortgage process
- Almost half of respondents experienced difficulties when arranging their mortgage
- 33% of those surveyed arranged their mortgage direct with their existing bank instead of shopping around
Greame Hartop, Hampden & Co’s CEO, said: “The survey highlights a number of key insights into the thinking of high net worth individuals around property investment during a time of economic uncertainty and Brexit. In common with many of our own clients, paying off the mortgage, growing wealth and supporting the family are main financial priorities. We balance the results from the survey with our experience of how a private bank can help clients manage a property purchase through a service that is personal, thoughtful and flexible.”
Carol Lewis, Deputy Editor, Personal Finance & Property, The Times said: “Hampden & Co may be the UK’s newest private bank but the findings of this research highlight age-old problems. Taking out a mortgage is still not as simple as it could be and most of us believe the banks should be doing more to help families onto the property ladder. The readers of our personal finance pages and Hampden’s private banking clients have straightforward priorities when it comes to money - pay off their mortgage, growth their wealth and support their families. In an age when opinions are available everywhere, from the local pub to social media, it is important that there are trusted sources from whom you can be assured of accurate, considered, impartial advice.”
Notes
- https://www.hampdenandco.com/insights/property-finance-review-2019.
- Censuswide carried out the survey of 400 high-net-worth individuals during February 2019.
- Hampden & Co became the first UK private bank to be established in over 25 years when it opened in June 2015. Headquartered on Edinburgh’s iconic Charlotte Square and with a London office in Mayfair, Hampden & Co offers a full suite of banking services which are tailored to the needs of individual clients.
