Getting any kind of mortgage can be stressful enough. Working with a specialist mortgage broker can help you get access to unique deals, as well as expert advice.
The exact amount that classifies a mortgage as ‘large’ will vary from lender to lender, although most will agree that large refers to a mortgage that is worth more than one million pounds. It is unlikely that you will find a lender on the high street who is willing to lend upwards of a million pounds, which is why the assistance of a specialist mortgage broker is almost guaranteed to be required.
The process for securing a large mortgage loan isn’t too dissimilar from securing a standard mortgage, as long as you have enough income and deposit. The lender will still assess your credit history, and will need to be certain that you can afford to repay what you are borrowing.
There are few lenders out there who will be willing to offer deals of more than a million pounds, which means that those out there can be extremely stringent about their checks, and may set high or unfavourable rates. Speaking to a specialist mortgage broker who is well versed in securing terms for high net worth individuals is highly recommended, as they can provide more bespoke advice about the options available to you.
Affordability is essential for any size of mortgage, although it is incredibly important for a large mortgage. A lender has the task of establishing what you are feasibly able to borrow on your income, and be reassured that you will be able to meet the monthly repayments for the entire term.
Most mainstream lenders will be limited to around 4.5x to 5x the annual income, net profit or salary plus dividends depending on whether you are an employee, a sole trader, or a limited company director. However, many have the discretion to expand this for higher earners who are looking to borrow more.
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As long as you meet the eligibility and affordability criteria, large mortgage loans are only difficult to secure because fewer lenders offer them. Most mainstream lenders will place a cap on the maximum mortgage amount they are able to give.
You will have a higher chance of success if you work with a specialist mortgage broker, who can find terms and speak to lenders on your behalf. Approaching a lender who is in a position to provide a higher value mortgage, and then being rejected, can leave marks on your credit and jeopardise future requests for credit.
Mortgages are usually capped by lenders at various levels, depending on the LTV and how much deposit you can offer. There is often a tier system in place which sees applications with a lower deposit – which could be considered a higher risk – have stricter criteria to meet. Those with a higher deposit – and perhaps a lower risk – could be able to borrow more.
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