ClickCease

See how we can help

Get started online

Large mortgage loans guide

Written By:
Myles Robinson - Expert Finance Advisor

Posted: Feb 6, 2023

Large mortgages – How do you get one?

Many customers have difficulty finding a large mortgage loan with high street lenders when refinancing their high-end properties or purchasing them. This may be due to affordability, income or loan-to-value (LTV) criteria.

However, most mortgage lenders have limits on the amount they will offer an individual. You would require a specialist broker for large mortgage loans or private banks.

We can get you approved for mortgages up to £6 million pounds for UK properties discreetly, start online below:

Get started online

 

How do you get a large mortgage loan?

The good news is that even if you are turned down by high street lenders, it is important to remember that each lender is unique. If one lender refuses to lend, it creates a market gap for another lender to take on the risk. It is possible to obtain a multimillion-pound mortgage with the right advice and sufficient income.

This guide will show you how to get large mortgage loans and how you can get the help you need to be accepted for a large mortgage loan.

We are expert mortgage brokers

We have access to high net worth lenders in the UK to get you the best rates

Get your Quote
 

 

What is considered large mortgage loans?

While this will vary from every mortgage lender to another, most experts agree that a large mortgage is one worth £1 million or more. If you are borrowing this amount, specialist advice is strongly recommended.

Not all mortgage providers can offer such a large mortgage, even if the repayments are affordable, a private bank or specialist broker would be required.

Large mortgage loans from private banks

The lenders that are most likely to approve mortgage applications for multi-million-pound and million-pound loans are not necessarily the biggest names on the high street.

Customers looking for large mortgages will often find the best rates and deals through private mortgage lenders, specialists mortgage providers and lenders that can only be contacted through a broker.

We work with brokers that specialise in large mortgages. They also have strong working relationships with lenders who offer a large mortgages.

You can be sure that you will be matched with the right lender on the housing market offering a large mortgage. This could save you time and money and potentially improve your credit score.

Get started online  

 

Are large mortgages harder to obtain?

Large mortgages are more difficult to obtain if you don’t meet the affordability requirements. Many mortgage lenders have a limit on the amount of mortgage they will offer. This is why people looking to buy multi-million-pound properties often find themselves in trouble.

A mortgage broker that specialises in large mortgages and high-net-worth borrowers is the best way to avoid lender caps. They are familiar with the needs of these customers and can recommend the right lender depending on how much they require.

If you approach a lender directly and are declined because of their maximum loan limit, it can damage your credit and make it difficult to get finance in the future. However, with the right broker, this can be avoided and you will find the right provider for your mortgage needs.

Start your application online below for expert advice on a large loan. We will make the whole process as simple as possible for you and ensure you match the lending criteria.

Get started online  

 

How to get a large loan

The same applies to large mortgages as to smaller loans. Your creditworthiness will be assessed by the lender to determine if you are able to repay the loan amount. The process doesn’t change if you have sufficient income or a deposit. Read about the mortgage application process and learn about mortgage eligibility.

The steps of the mortgage process don’t differ for large loans. However, it is important to get professional advice. Fewer lenders will approve deals over a certain amount. This means that you may be declined or have to settle for lower rates than if you had a mortgage of a few hundred thousand.

A mortgage broker that helps high-net-worth people get finance is a good place to start. They can give you personalised advice on your options, guide through the application process, and help you to find the right lender.

Large mortgages with high loan-to-value ratios

Lenders will limit mortgages to different levels depending on your loan-to-value ratio (LTV), and how much equity or deposit you have. The tiered structure means that applications with lower deposits (higher risk) are subject to stricter limitations. Those with a greater deposits (lower risks) can borrow much more.

One lender might limit the amount you can borrow to £500,000 in 90% LTV applications, £800,000.000 at 80% and a maximum £1,000,000 at 75% or lower. Lenders are willing to consider large mortgages exceeding £2million, depending on your financial situation. They will also consider a higher loan to value loans. A broker who specialises in large mortgages is your best bet to find a flexible lender.

Get approved below online now:

Get started online  

 

Criteria for affordability

affordability is a key consideration when considering large mortgages. A lender will need to determine how much you can borrow based on your income and ensure that you are able to repay the loan.

Most mainstream mortgage deals limit income to 4.5x-5x for employees, net profits for sole traders or partnerships, and salary plus dividends if there is a reasonable income. Some lenders will allow higher-income clients to borrow more. They can also consider discretionary income for those with high incomes, which may result in a greater mortgage amount and, in some cases, up to x6 income.

You can, for example, find out the estimated monthly payments and interest rates on mortgages up to £1,000,000 on online mortgage calculators.

Get approved below online now:

Get started online

 

Directors of limited companies can get large mortgages

Limited companies may have difficulty finding a lender to finance large mortgages because they only consider income from earned salaries and dividends. Directors who decide to keep cash in their business but not withdraw it as personal income can have problems.

This is because most lenders won’t consider net profit. It can be a problem for business owners who have their books drawn in a way that penalizes them, even though they are creditworthy.

Some specialist lenders can assess directors’ income based on their salary and net profit. If funds are earned, but not left in the company, they can still go into the borrowing assessment. This could be a huge advantage if you’re trying to get a large mortgage. You will only be eligible for the amount that you need with all income considered.

Get approved below online now:

Get started online

 

We specialise in large mortgages for UK properties

This article explains that you have a better chance of getting approved for large mortgages if you work with the right broker, we are proven to offer excellent service with the best brokers on the market.

It can be difficult to find the right mortgage brokerage. Everyone’s needs are unique, and high-net-worth loans are very rare. The good news is that it’s possible to find the right mortgage broker.

We are the ideal broker for you and you won’t even have to lift one finger.

Get approved below online now:

Get started online

 

FAQ’S

What is a large mortgage?

Lenders or banks lend money with interest on a loan over £1,000,000. The loan is secured against the property value. The loan agreement details are recorded against the title of the property, also known as a mortgage. Any mortgage over £1 million is considered a large mortgage loan.

What’s a mortgage broker?

Specialist mortgage brokers will search for the right mortgage product for clients to help them get the best deal. The success rates and fees of each broker will vary so it is a good idea to work with several brokers to get the best quote.

What are the different types of mortgages?

There are various types of mortgages and loans.

Fixed-Rate Mortgage and Variable Mortgage are the most popular but we also offer a bridging loan and numerous other loans. Fixed-Rate Mortgages are mortgages that have an interest rate fixed for a set period (usually between two and five years), so your monthly payments don’t change.

Variable-rate mortgages allow you to adjust the amount of interest that you pay and your monthly repayments. For more information, visit our mortgage interest rate page or see the different types of mortgages that we offer.

Get started online  

My credit score is not good.

However, this will not stop you from getting a loan. Clients with bad credit are often helped by our advisors. We work closely with a variety of lenders who are more favourable to clients who have had difficulty sourcing financing in the past. For more information, speak to one of our advisors.

How can I be sure that I’m getting the best mortgage?

We are a “whole of the market broker” which means we have access to the entire mortgage market. Our advisors will search the whole market and find the best deal for you. A small number of lenders use the broker as a source.

What can I afford?

There are no pre-determined criteria for determining what amount you can borrow. Your income, monthly expenses, and the price of the property will determine the amount you can borrow. For a guide, see an online mortgage calculator. Our brokers can also give you an indication over the phone or provide a complete agreement in principle.

Get started online  

What’s LTV?

Lenders frequently refer to the LTV requirement. LTV stands for Loan to Value Ratio. LTV is an acronym that stands for Loan to Value Ratio. It refers to the ratio of a loan to a property’s value. If you borrow £170,000 to buy a property worth £200,000, the LTV is 170,000/200,000. The remaining 15% is your equity.

Are you able to get a mortgage if you have a part-time job?

Lenders are generally more concerned about your overall income and financial situation than how many hours you work. It is possible to make more as a part-time worker than a full-time worker. Part-time employment should not be a problem if you can prove your income.

Is it possible to have two residential mortgages?

The cheapest mortgages are residential mortgages. There may be restrictions on how many residential mortgages you can get. Lenders will finance additional homes for personal or weekend use as long as you have the income to cover the monthly payments.

Get started online  

Is it possible to remortgage my debt to repay it?

Yes, but you must remember that you will be transferring unsecured debt to a debt secured against your home. Your home could be at risk if your payments are not kept up. Although consolidating your debts into one affordable remortgage can result in significant savings on your monthly expenses and the total amount repaid, it is important that you seek professional advice before taking out any loan against your home. Get in touch today.

You can rent to family members under a Buy to Let mortgage.

Lenders offer a specialised ‘family buy-to-let mortgage’, which allows landlords to rent out properties to their family members, provided that the rent covers the monthly mortgage payment and any estimated renovation costs.

Read more:

How long can payday loans stay on credit reports?

Payday loans can affect your ability to get mortgages, loans, credit card, and other financial products. Payday loans will remain on your credit report for at most six years.

However, the shorter the time period between the last payday loan and the current application, the less likely it will affect your eligibility.

Get approved for a mortgage now online below:

Start your application online below for a discreet high value mortgage with our excellent rated mortgage brokers:

Get started online