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        Mortgages Worth £6 Million and Up

        Looking for a £6 million+ mortgage?

        They are available! Find out who the main lenders are, what rates you'll be paying and exactly how to get one in our guide!

        Firstly, are you looking for a mortgage over £1 million?

        No impact on your credit score

        Pete Mugleston

        Author: Pete Mugleston - Mortgage Expert, MD

        Updated: March 07, 2022

        If you’re looking to buy a high-end or luxury property, it’s possible to get a mortgage for £6 million, £10 million, or even more. Finding a lender for a seven-figure mortgage, however, can be difficult unless you meet a very specific criteria and know where to look.

        In this guide, we’ve put together everything you need to know about getting a mortgage worth £6 million or higher, including where to get one, what deposit you’ll need and how a broker can help.

        Can you get a mortgage for £6 million or more?

        Yes. With demand for multi-million pound properties still high – and expected to grow – plenty of lenders offer high-value loans. Even some of the larger high street names will consider lending to you, however, they tend to have a maximum loan cap of £10 million and your options will be limited.

        If you want access to the widest choice of deals and the most competitive rates – or you want to borrow more than £10 million – you’ll need to find a private or specialist lender. They can offer you bespoke mortgage deals as large as £85-100 million and beyond.

        To qualify for a mortgage of £6 million or more, you’ll need to meet the requirements for the high net worth exemption. This is a provision from the regulator, the Financial Conduct Authority, allowing anyone with a net income of £300,000 a year or assets worth £3 million or more to be assessed differently from mainstream borrowers.

        In short, the waiver allows lenders to take into account people’s broader assets rather than simply their income when judging affordability.

        High net worth lending is usually conducted through a specialist broker as most private lenders only work through intermediaries.

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        Deposit requirements

        The handful of high street banks who operate in this space will require a hefty deposit to balance out the risk of lending such a large sum to one borrower. The maximum loan to value (LTV) they’ll offer is around 60% which means you’ll need to put down a deposit of at least 40%.

        Private or specialist lenders will be able to offer higher LTVs as they’ll apply their own, specific eligibility criteria and take a case-by-case approach to their underwriting decisions.

        They’ll do a bespoke assessment of your financial circumstances, taking, for example, future earnings or illiquid assets into consideration. They offer LTV mortgages in the range of 85% to 90%, which means putting down between 10% and 15%.

        It’s rare for lenders to accept less than a 10% deposit, and this is only usually possible if the mortgage is secured against a very liquid asset, such as cash or gold.

        How a mortgage broker can help

        Whatever size of loan you’re looking for, a mortgage broker will be able to save you time and money as well as guide you through the application process. For a £6 million plus mortgage, however, a broker is usually non-negotiable.

        That’s because specialist high net wealth lenders – who offer multi-million pound mortgage deals – are not generally accessible to the general public. They tend to require a referral from a recognised broker.

        The value of using a broker who specialises in high value loans goes beyond getting access to the best deals, however. They will quickly be able to identify the right lender for your circumstances and negotiate a bespoke deal on your behalf, saving you both time and money.

        They also get access to exclusive deals, can give you tailored advice and be on hand throughout the deal to make sure any issues are dealt with swiftly.

        Get in touch today and we’ll match you with a broker from our extensive network who’ll be able to guide you through your mortgage journey.

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        We want you to have complete confidence in our service, and get the best chance of securing your mortgage. We guarantee to get your mortgage approved where others can’t – or we’ll give you £100*

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        What will your monthly repayments be?

        The size of your monthly repayments will depend on a number of factors such as the size of the loan, the term length and the interest rate.

        The following examples, however, give you an idea of what you should expect to pay:

        Size of mortgage Term length (years) Interest rate

        (%)

        Monthly repayment Total paid
        £6 million 25 4.5 £33,350 £10,004,985
        £7 million 25 4.5 £38,908 £11,672,482
        £8 million 25 4.5 £44,467 £13,339,979
        £9 million 25 4.5 £50,025 £15,007,477
        £10 million 25 4.5 £55,583 £16,674,974

        Please note that the rate used in this table is purely for example purposes and may not be representative of the mortgage interest rates available at the time you apply.

        Which lenders offer these mortgages?

        Some high street banks – for example, Barclays and Metro Bank – have private arms which offer high value mortgages. However, they tend to have a maximum loan cap of £10 million.

        High net wealth borrowers tend to use specialist or private lenders to finance their loans. These lenders are only accessible through a qualified broker but come with a range of benefits including:

        • Their own, less rigid, eligibility criteria
        • The ability to make bespoke underwriting decisions
        • A personal service including face-to-face meetings
        • A quicker application process
        • Flexibility to offer higher income multiples of as much as seven times your salary or more
        • Loan-to-value mortgages of between 85% and 90%
        • Asset-backed mortgages, which means the loan is secured against other high-value assets, such as a share portfolio, rather than the property

        Whether you decide to go with a specialist lender or a high street name, your application will always be dealt with on a case-by-case basis if you meet the high net worth criteria.

        Typical rates

        If you qualify for the high net worth exemption, you won’t have to meet a strict list of criteria in the same way you would if you were applying for a standard mortgage. Instead, the lender will look at your financial circumstances as a whole, take time to understand your plans and tailor a solution to meet your needs.

        The lender will use all this information to decide on your rate.

        Connect with a high net worth mortgage expert today

        If you’re looking for a mortgage of £6 million or more, going it alone isn’t really an option. Your best bet is talking to a broker who specialises in high net worth individuals.

        They will be able to give you customised advice and have the knowledge, experience and lender contacts you need to get a mortgage of this size.

        Give us a call on 0808 189 0463 or make an enquiry and get matched with a high net worth mortgage broker today.

        We hand-pick all the advisors in our network and rigorously vet them on your behalf so you can be assured you’re getting the best advice possible from an expert who helps people just like you secure the finance they need every day.

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        Pete Mugleston

        Pete Mugleston

        Mortgage Expert, MD

        About the author

        Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

        Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for OMA of course!

        FCA Disclaimer

        *Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms that are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

        Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.