Large Mortgage Loans specialise in arranging large and complex mortgages for a huge variety of different individual circumstances. Our global network extends to more than 200 finance providers including well-known high street names, specialist private banks, challenger banks, small building societies, boutique, and peer-to-peer lenders. We can offer a truly bespoke approach, tailored to the individual needs of each client’s circumstances when looking for mortgages over £800,000.
Our personal approach means we will always seek to understand your financial and lifestyle goals, and undertake a full review of the market to create a tailored solution. To help assist you in the early stages, we’ve pulled together some useful information for those looking for an £800,000 mortgage.
Remember, if anything is unclear, you can always contact our staff for friendly advice.
Are you eligible for a mortgage?
Mortgage providers all have typical requirements (known as lending criteria) and you will need to adhere to these in order to be considered for an £800,000 mortgage.
What level of deposit are you putting down on your mortgage?
One of the first things lenders will consider is the Loan to Value (LTV) ratio. This looks at the value of the property, the deposit being put down and the amount being borrowed. Most lenders have a set LTV ratio that they will not exceed, usually 90%. Therefore you will need at least 10% – £80,000 – deposit on a £800,000 mortgage.
Depending on your circumstances, your portfolio and the type of loan you’re looking for, you may require more than 90% LTV but this is often a point which can be negotiated by the right mortgage broker.
What are your financial ties?
You will need to prove to your lender that you are able to afford the monthly repayments on your £800,000 mortgage whilst also covering other living costs including utilities, council tax and food shopping. Lenders will also ask about other costs, such as childcare, so be aware that this also comes into consideration.
Lenders will need to see copies of your latest bank and credit card statements to establish your outgoings and assess if you have the funds to manage your mortgage.
What’s your working situation?
Generally, in order to gain approval for a £800,000 home loan, you will need to prove that you are in stable employment and earning enough to cover the repayments. Applicants who are self-employed, or those who have more complicated or inconsistent income structures, will need to produce more comprehensive proof of earnings, along with at least two years’ worth of accounts that have been checked and verified by a chartered accountancy firm.
Be prepared to disclose your marital status
You don’t need to be married or co-habiting to apply for a £800,000 mortgage – but applying together with a partner or family member may mean that you’ll be able to secure a higher mortgage amount. This is because the lender may be able to take both of your incomes into consideration.
The exception here is if you, your partner or family member has a poor credit history. Existing debt and/or a low credit score could hinder your chances of qualifying for a £800,000 mortgage.
Will your lender cover your ideal property?
Even if you have proven that you can afford your £800,000 mortgage repayments in real terms, you need to check that your preferred lender is able to offer a mortgage on your dream home.
You may find it difficult to secure funding for thatched properties and Grade 1 listed buildings and some conversions may not meet the provider’s lending criteria. If a property is leasehold, the lender will need to ensure the length of your lease fits their minimum standard requirements. Location can also become a factor if the property you’re seeking to purchase is located on or near to a floodplain.
Saying that, it’s possible to secure mortgages on all of these types of properties; they’re often just more difficult to find. That’s where our team of mortgage brokers comes in, as we have a number of connections with niche lenders who are often prepared to take a view on £800,000 home loans for houses and apartments with special requirements.
What are the expected monthly repayments on a £800,000 mortgage?
The amount you have to pay towards your £800,000 mortgage every month will depend on the following:
- The type of product you have applied for – for example, if you have chosen a repayment or interest-only mortgage
- The interest rate that’s being applied to your repayments by the bank or building society
- The length of your mortgage term – this is normally between 25 and 35 years
If you are considering an interest-only mortgage, the lender will require proof of a credible repayment strategy.
Our mortgage calculator will be able to give you an idea of what you can expect to pay on a monthly basis towards your home loan of £800,000.
What next?
The first step towards securing the right £800,000 mortgage is to contact Large Mortgage Loans. Our expert team of advisers has been helping clients find their ideal mortgage provider for over a decade and has dealt with a huge variety of cases, giving us a wealth of expertise to draw upon which we share with clients every day. If you’re exploring your options or just keen to have an exploratory conversation, please don’t hesitate to get in touch.
