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£4 million mortgages

Written By:
Myles Robinson - Expert Finance Advisor

Posted: Feb 6, 2023

How much do £4 million mortgages cost in the UK?

Finding a mortgage lender willing to lend to you may be difficult if you are looking for a mortgage worth more than £4 million.

Large mortgage loan applicants face the most common problem: many mortgage providers have lending limits.

One large loan is riskier than multiple smaller loans spread over many applicants, so it is common for large loan seekers to set their lending caps.

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How do you get a £4 Million mortgage?

There are options if you have the means to afford a mortgage this large and know where to look, such as private banks or a private mortgage broker.

This guide will help you determine if you are eligible for a £4 million mortgage. It will also show you how to calculate the monthly mortgage payments and where to find a broker to assist you in obtaining the financing you need.

An online mortgage calculator can give you an estimated quote for mortgage repayments and the monthly payment. If you contact us today we can help get you the best deal on the mortgage market, start online below now:

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Can you get a £4 million mortgage?

Yes! provided you meet the affordability eligibility criteria for large mortgage loans of £4 million. However, not all mortgage lenders are able to provide a loan of this size.

However, some lenders specialise in large mortgages. You will almost certainly need to use a private mortgage broker to get the best deal.

Private mortgage lenders that cater to high-net-worth individuals are available only through brokers. Many people are able to afford a £4 million mortgage.

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What are the monthly mortgage payments?

How much your monthly repayments are will depend on the length of the mortgage term, and then the repayments you on your mortgage can be calculated.

A mortgage calculator can estimate how much a £4 Million mortgage will cost each month if you use a repayment plan with a 2% interest rate.

Do you need a private mortgage lender?

A private mortgage lender can be a good option for a mortgage above £4 million, particularly if you are eligible for the high net worth mortgage exemption.

You must have a minimum annual income of £300,000. Or assets over £3 million to meet the high net worth requirements. You may be eligible for a bespoke mortgage deal if you meet these requirements.

Private lenders can also offer asset-backed mortgages to customers with substantial wealth. These agreements allow you to secure the loan against a valuable asset such as stocks or shares, this is known as a secured loan or loan secured by assets.

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Always compare mortgage lenders when getting a mortgage by using a broker

If you are eligible for a mortgage with a high net worth value, private lending is an option for a property purchase. However, it’s worth comparing the unique deals offered by these lenders to what you can get from a private bank.

A broker who specialises in high-value mortgages is the best way to compare rates. They will have access to all lenders, even private mortgage providers that are not accessible through a broker.

Factors that can affect your eligibility for £4,000,000 mortgage loans

Once you have identified the providers willing to approve large loans, obtaining a mortgage of the same size is the same as for a regular-sized one.

Similar factors and eligibility checks will be used to determine a borrower’s eligibility. You will need to provide personal details such as bank statements and a credit check.

Ratios of loan to value

LTV and any equity will affect the loan amount that lenders are willing to lend. High-risk applicants (higher LTV) may have to pay higher rates or be subject to stricter lending limits. However, low LTV borrowers might be able to borrow more.

One large loan provider might limit the amount you can borrow. For example, £1.5 million may be for 90% of LTV applicants, £3 million for 80 per cent, and £4.5 million for 75%.

Each lender will have its own lending criteria. Depending on your individual circumstances, a few providers might be willing to approve a £4m loan at a higher loan-to-value. However, the majority of these private banks would not be.

Learn more about LTV ratios in the guide for mortgage deposits.

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Affordability is a key factor in large mortgages. Mainstream mortgage deals are typically limited to 4.5x employees’ annual income, net profit for sole traders, partnerships, salary + dividends for limited company directors.

Specialist providers may be willing to extend these limits for high-end, wealthy individuals looking to obtain large mortgages. They may also allow a higher maximum loan amount. This can sometimes be 6x or more of your income.

Negative credit

If applicants have a history of negative credit, they are considered more risky investments by mortgage providers. Others may refuse to lend you, while others might impose higher lending limits or lower LTV requirements.

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Find the right mortgage broker for you today

A broker who specialises in large mortgages is the best way to secure a great deal on a £4 million mortgage. This will allow you to access the whole market and private mortgage lenders that cater to high-net-worth individuals.

We can get you approved for a large mortgage and get you a great deal on a £4 million mortgage, start online below:

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