If you are looking to purchase a new luxury home, an investment property or re-mortgage an existing property, the million plus mortgage brokers at Large Mortgage Loans have the skills and expertise to guide you through the whole process.
Large Mortgage Loans are specialists in million plus mortgages, with extensive arrangements in place to assist with personal requirements for mortgages over £1 million.
We have global links with more than 200 finance providers including High Street banks, building societies, private banks, boutique lenders and private investors. All of these providers have an appetite for larger and more complex mortgages. The private lenders we work with are flexible in their underwriting criteria, treating clients on an individual basis, meaning we can agree terms to suit your individual requirements.
Are you eligible for a million pound mortgage?
Securing a million plus mortgage comes with the same requirements as any other mortgage. A range of eligibility criteria will be set by your lender, which you’ll need to meet. But what are the requirements? We’ve outlined some of the most common below.
Do you have a suitable deposit for your million plus mortgage?
It’s rare for lenders to accept less than a 10% deposit of the purchase price on any mortgage. The bigger your deposit, the lower your Loan to Value (LTV) ratio – which can determine the scale of your repayments and the amount of interest you pay on a monthly basis.
Can you afford the monthly repayments?
You’ll need to make sure that you can comfortably cover not only your monthly million pound mortgage repayments, but also any other living costs such as utility bills, childcare costs and council tax payments.
When considering an interest-only mortgage the lender will require proof of a credible repayment strategy.
You can find out how much you can expect to pay on your £1,000,000 home loan through our online mortgage calculator. Simply enter your loan amount, loan terms and interest rate, and you’ll be presented with an approximate monthly repayment figure.
For a more tailored approach, contact our million pound mortgage brokers who will be able to offer actual figures based upon the latest products available on the market providing the best possible terms and rates.
Can you provide proof of income?
Your lender will normally wish to see proof of stable or consistent income from wages, dividends, bonuses, commissions and other earnings. If you have a more complex income structure, be prepared to hand over at least two years’ of personal accounts so that your financial situation can be assessed by your prospective mortgage provider.
How can we assist you in securing your £1,000,000 mortgage?
Large Mortgage Loans is a specialist in the million plus market, building up a reputation with high net worth clients over a number of years. Our areas of expertise include:
- Established global relationships with High Street banks, private banks, boutique lenders and private investors
- Specialism in arranging mortgages for foreign nationals, British expatriates, UK residents earning in foreign currencies and non-domiciled UK residents
- Knowledge and expertise in providing finance through offshore structures, SPVs, trusts and foundations
- An exclusive multi-currency offset facility for international buyers of UK properties
- Experience in providing complex income verification and successfully presenting these cases to senior underwriters
When you instruct us to handle your million pound mortgage application, you will receive a dedicated mortgage broker who understands the needs of customers requiring large mortgages. They’re also well-versed in dealing with high net worth individuals who may have a portfolio of properties and investments they wish to leverage.
Our expert team of advisers has access to a number of lenders who can help those who are self-employed, aged over 65, foreign nationals or living overseas. We can also assist with properties which can prove tricky to borrow against, such as HMOs and listed or leasehold properties.
Whatever the situation, our thorough market review and expertise analysis will find the best possible solution, tailored to your needs.
