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£3 million mortgage

Author: Myles Robinson - Expert Finance Advisor

Posted: Jun 22, 2022

£3 million mortgage lenders

It is more difficult to get a 3 million mortgage than loans for lower amounts, as a standard mortgage lender may have a limit on the amount they are able to lend. Few mortgage providers lend over a million pounds on the mortgage market.

This guide will help you find a 3 million mortgage that is worth the amount. This guide will help you understand how to get a £3 Million mortgage, what the monthly repayments will cost, and where to find a specialist in large mortgages. Private banks and specialist brokers are usually the answer.

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Can you get a £3 million mortgage?

Although not all mortgage lenders will offer loans up to this amount, there are some that do. There are some lenders that cannot offer mortgages above £3 million, but there are still options available for those who can afford it.

While some mainstream mortgage lenders may be able to extend loans up to this amount in the right circumstances, private lenders and private banks are available for customers who meet the high-net-worth mortgage exemption. Although these lenders will often offer customised deals to qualified customers, many only work through brokers. that is why we are here to help you find large mortgage loans.

A broker who specialises in a large mortgage loan amount is the best way to obtain a mortgage of at least £3 million pound. They can access every lender willing to lend over a million pound, even ones that you won’t see on the high street.

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What is the monthly cost of a £3 million mortgage?

The interest rate and the term of the mortgage will determine the exact amount of your £3m mortgage repayments. A £3 million mortgage is an enormous amount. The interest rate and term of the mortgage will determine the exact repayment mortgage.

An online mortgage calculator can give you an estimated cost of the monthly payment.

If you are a…

  • Clean credit history
  • A large deposit
  • Evidence of steady, continuous salaried income
  • Property in excellent condition and of standard construction
  • You can rely on a mortgage broker to help you negotiate the best deal.

You should also consider other costs

The amount you pay for a £3+million pound mortgage depends on many factors, including the interest rate offered, lender’s fees structure, the value of your property, overpayments made, and term length.

Each lender is unique, so it’s difficult to give an exact cost. However, you will usually have to pay the following upfront expenses:

  • If applicable, the arrangement fee
  • Valuation fee
  • Solicitors’ fees
  • Insurance
  • Deposit
  • Survey

After these have been settled, your monthly payments in the form of repayments will be determined by the deal you were offered by the provider. It also depends on the type of mortgage product that you chose (variable, fixed, repayment, etc.).

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What amount of income do £3,000,000 mortgages require?

Every mortgage provider will have its own criteria to assess affordability. However, most will base their calculations on your annual income and multiply it by an amount. This is usually 4.5x earnings. However, it can also be 5x earnings. It is possible to go as high as 6x earnings. But this is more likely when the amount borrowed is larger.

You may be eligible for a high net worth mortgage exemption. However, the usual lending rules might not apply to you and it could still be possible to get a mortgage that is based on six times your income.

a minimum salary (or combined salary, if you are applying for a joint mortgage) is required to obtain a £3million pound mortgage at its highest multiple.

Income multiples do not reflect the whole picture. Most lenders will look beyond your payslips to determine how much you can afford to borrow.

Mortgage lender’s criteria for eligibility

A mortgage broker will consider factors other than your salary for a large mortgage loan. You will have to provide personal details to meet the lender criteria.

  • Your credit history
  • Your age
  • Income type
  • Additional earnings
  • Deposit size
  • Your outgoings
  • Property type

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What else does a mortgage lender ask for?

Each lender will have its own policies on the above issues. Some lenders will not accept self-employed income without sufficient records. As a rule, the more “non-standard” aspects of your mortgage application (e.g. The more non-standard property types and income from self-employment, the more difficult it will be for a lender to accept your application without the assistance of a broker.

Our complete guide to mortgage applications will provide more information about mortgage eligibility.

Contact us today to speak with a mortgage advisor. We will provide mortgage advice and find you the best mortgage term.

How much deposit do you need?

Lenders tend to apply more stringent criteria when evaluating larger mortgage applications. This also applies to the deposit. If you want to get a mortgage for more than £1 million, most lenders require a deposit of at minimum 20%. This would be approximately £600,000.

A specialist high-net-worth lender might be able to offer mortgages up to 95% loan to-value (LTV) equivalent to a £150,000 deposit. However, this is not possible in all cases. It could be possible for those who have a strong property portfolio.

Interest-only mortgages

Sometimes, it is possible to get a £3,000,000 mortgage on an interest-only basis under certain circumstances. However, you must meet certain criteria and find a Lender who will offer high-net-worth mortgages on this basis.

Specialist lenders offer many benefits

If you have the assets and income to support your application, you will have the best chance of getting approved by a private lender for a large mortgage. There are also other benefits:

  • You have more flexibility in income limits, so you can borrow more than the standard income multiples (4 to 6 times) used at high street banks
  • You won’t have to liquidate any assets to get a loan from Can.
  • You can offer interest-only mortgages and repayment mortgages. This allows you to put your money in other areas.
  • For example, you could create a customized repayment plan that matches your income cycle.
  • May allow unlimited overpayments. If your income cycle is irregular, then you can overpay whenever and wherever you like.

Exemption for High Net Worth

Private lenders can offer flexible and bespoke terms because of a unique exemption that is only available to individuals with high net worth. You must have one of the following:

  • An annual net income exceeding £300,000.
  • Total assets of more than £3 Million

The Financial Conduct Authority (FCA), which regulates financial institutions and mortgage lenders, has established these criteria. This income level is likely to have unique mortgage needs and the standard regulations won’t be able to meet them.

The FCA permits high-net-worth individuals and specialist lenders (or their brokers) to collaborate to create a custom mortgage that has a unique repayment strategy.

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A mainstream lender can grant a £3,000,000 mortgage

Two main problems arise when you apply for a large mortgage with a mainstream lender. This will allow you to understand why you were denied if you have already applied for a high net worth mortgage.


A £3 million mortgage would be available to you if your income (or combined income for joint applications) is around £600,000. Lenders often limit the amount of your loan to five times or less than your income.

You may not receive your entire income in a monthly salary if you are at this income level. You might be paid bonus income or commission, as well as dividends and vesting stock. These income sources may not be considered by lenders for their evaluation.


For a mortgage, this large, lenders usually require a deposit between 10-25% of your property’s value. To borrow £3,000,000, you will need to deposit between £333,333 & £1,000,000.

Although you may be able to access assets of this worth, it is possible that you will not be able to quickly liquidate them to make a deposit. Or, perhaps you don’t want to hold this wealth in real estate. You might have an alternative strategy to grow your wealth, one that has a higher rate of return than properties.

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What does a £3 million mortgage cost?

Lenders are competing to attract high-net-worth clients. Providers are also using cheap financing to issue large loans at extremely affordable rates.

Let’s say you want to raise £3,000,000 to buy or remortgage property on an interest-only, part-interest-only, or full capital repayment basis. We have access at 2.20% to a lender that offers a two-year fixed rate. For comparison, the overall cost is 3.6% APRC.

Monthly payments for a 2.20% interest-only mortgage would be £5,375. This amount will rise to £11,314 if you pay full capital over a 30-year period. To qualify for the mortgage, you will need to pay a £999 arrangement fee and a 40% deposit. A smaller deposit will not make rates more expensive.

If you prefer long-term payment security, it’s possible to access a 2.24% 5-year fix through NatWest for Intermediaries. Monthly repayments for a £3,000,000 mortgage would be £5,600 for interest-only and £11,452 for capital repayment over a 30-year period.

The £999 arrangement fee is applicable to this mortgage, and borrowers must deposit a minimum of 40%. The standard variable rate for this mortgage is 4.24%. For comparison, the total cost is 3.3% APRC.

Are £3 million mortgages becoming more expensive?

In the wake of the November Bank of England base-rate decision, most lenders raised their fixed-rate pricing. This was followed by another increase in February.

Sub-1% fixed rates were withdrawn and rates that are 0.8% higher have been replaced. There are currently some tracker rates that are very affordable, and often with no early repayment fees.

What is the multiple of mortgage income generous?

Wealthier borrowers can get mortgages up to 5.5x their salary from banks and building societies. Although many homebuyers won’t need the full 5.5x salary multiple, it can be a helpful tool for borrowers to obtain the mortgage loan size that they desire. Lenders can reduce maximum loan amounts for borrowers who have children or cars on finance.

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Match you with a mortgage broker that specialises in £3m mortgages

A broker who specialises in large mortgages is the best way to avoid being caught out by lending caps and to secure a mortgage amounting to £3 million or more.

Our network has brokers who specialise in these types of mortgages. They have the contacts, knowledge, and expertise to help you find the best deal from any lender, high-street or private, and can also assist with negotiating the terms.

We’re available to help you today by contacting us and making an enquiry.

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