Last reviewed on 16th November 2023 by Martin Alexander (Mortgage Advisor)
If you’re buying a high-value property, you’ll need a large mortgage. While lenders will assess your income and affordability, you’ll also need to find a lender that doesn’t have limitations on how much they’ll lend.
This guide will explain how you can get a high-net-worth mortgage. We’ll also discuss the lenders you can approach, deposit amounts and the application process.
What is a large mortgage?
A large mortgage is typically a loan of more than £1 million. The most you can borrow from high street lenders ranges from £1 million to £5 million.
Lenders have restrictions on how much they’ll lend to a person due to the risk involved with high-value mortgage amounts.
Other lenders may consider mortgages up to £10 million. For anything higher, you’ll need a specialist lender.
How much deposit will I need?
The deposit you’ll need will depend on how much you want to borrow. For instance, you can get a £1 million mortgage with a 5% deposit, but there won’t be many lenders to choose from.
To borrow more than £1 million, you’ll need at least a 15% deposit. Some lenders will require higher deposits of between 25% and 40%.
You can improve your choice of lenders and interest rates by aiming for at least a 25% deposit.
What’s the maximum mortgage I can get?
The maximum mortgage you can get will depend on how much you earn. Some lenders will lend up to a maximum of 6.5 times an applicant’s income. However, the industry standard is between 3 and 5 times an annual income.
How can I borrow more for a mortgage?
You can increase the amount you can borrow by using income from:
- Employment salary and bonuses
- Retained company profits
- Buy to let income
- Income from investments
You’ll need to provide evidence to lenders through bank statements and company accounts to support your mortgage assessment.
How to get a large mortgage
If you need a high-value mortgage, you can improve your chances with the following:
- Save for a higher deposit. Aiming for at least a 25% deposit will give you a much better choice of lenders, better rates and cheaper fees. You’ll unlock headline rates and most lenders if you can save for a 40% deposit.
- Show as much income as possible. To borrow a large amount, you’ll need a significant income. You’ll need to show lenders you earn enough to repay the mortgage you’ve applied for.
- Compare lenders with an advisor. Doing so will allow you to compare what you can borrow from each lender and whether you meet the criteria for a large mortgage. You’ll also need to find a lender to approve your desired amount.
- Use a joint mortgage if you need to. Applying with a spouse or business partner can allow you to borrow more. Lenders will assess income across each applicant, resulting in a higher loan amount.
Which lenders offer large mortgages?
- Accord will consider mortgages up to £2 million
- Aldermore go up to £1 million at 85% LTV
- Barclays have a maximum mortgage of £5 million
- Dudley Building Society will lend up to £1 million at 95% LTV and up to £2.5 million at 75% LTV
- Halifax will lend up to £5 million
- Kensington go up to £2 million at 80% LTV
- Nationwide will lend up to £5 million
- Santander go up to £3 million at 75% LTV but will lend more under certain circumstances
Please note: Lenders constantly change their criteria, so consult an advisor before approaching a lender. Furthermore, your circumstances may suit other lenders.
Large mortgage FAQs
About the author
Martin is a senior mortgage advisor and has held a CeMAP qualification for over 15 years while also completing an MBA in Global Banking & Finance.