Compare Large Mortgage Loans from Specialist Lenders

You can use our comparison tool to look at mortgages currently on the market in the UK, however it’s worth noting that not all specialist mortgage lenders publish their rates. Therefore, we recommend you speak to an adviser for a more accurate picture of the mortgage deals and rates available.

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What Is a Large Mortgage Loan?

A large mortgage loan typically refers to a larger than average amount of money borrowed to finance the purchase of a property. The specific threshold of a large mortgage loan can vary, but it’s usually a loan of at least £750,000 - £2 million or more. This is because you’ll typically have to be a higher or additional rate taxpayer in order to be eligible. These larger mortgages are often used to purchase high value properties in more expensive areas. Due to the increased risk for lenders, large mortgage loans can mean larger deposits, higher interest rates and entail stricter eligibility criteria.

Types of Large Mortgage Loans

Some of the common types of large mortgage loans include the following:

  • Repayment mortgage - a common homebuyer mortgage, you make regular payments towards the outstanding loan balance as well as interest payments. You’ll typically need at least 10% in deposit but will have access to a wider range of large loan repayment mortgage products if you can provide at least 15% in deposit
  • Interest-only mortgages - you only make regular interest payments and the outstanding loan capital is paid off via a repayment vehicle such as selling the property at the end of the mortgage term. To be eligible for a large loan interest-only mortgage, lenders will often require a minimum income of £75,000 as well as at least 25% in deposit. Interest-only mortgages typically have higher deposit requirements because if the borrower intends to use the sale of the property as a repayment vehicle, the lender will want to make sure there’s at least a minimum amount of equity in the property
  • Fixed rate mortgages - these offer a stable interest rate for a specified period, such as 2, 5 or 10 years, providing predictable monthly payments and making budgeting simpler
  • Vairable rate mortgages - these interest rates can go up and down in line with the Base Rate or lender’s SVR (standard variable rate). Common variable rate mortgages include trackers which move in line with the Base Rate and discounted rates which are set at a certain amount below the lender’s SVR
  • Offset mortgages - offsets allow you to deduct your savings from the outstanding loan balance so that you only pay interest on the difference. Offsets can be particularly useful for high earners with substantial amounts of savings they may want access to at some point, and so don’t to use the full amount as a deposit which will then be tied up in a property
  • Part-repayment part-interest-only - part and part mortgages allow you to reduce your monthly payments by having some of the mortgage be interest-only, while still building up equity in the property. They offer more flexibility and freedom to use income for investments rather than having most of your income being tied up in making repayments. Many higher earners choose to put the difference between their current repayments on a part and part and what their repayments would have been on a fully repayment mortgage into investments. This allows them to make money they can use as a repayment vehicle, rather than relying on the sale of the property

When considering a large mortgage loan, you need to think about your circumstances, appetite for risk and financial goals. Consulting an independent mortgage broker like John Charcol can help you choose the right type of large mortgage loan for your needs.

How Do You Find a Large Mortgage Loan?

Most high street lenders in the UK offer mortgages of up to £5 million with a handful stretching to £10 million. Typically, the maximum LTV (loan-to-value) for a large loan is 85%.

Borrowers will often use high net worth mortgage brokers like John Charcol because we understand complex and unique situations and we can source bespoke deals from the right lenders. We handle everything for you - so you can spend your time on more important things.

Minimum Deposit for a Big Mortgage

The minimum deposit for a large mortgage is 15%.

John Charcol can also find lenders that will consider loans secured against some forms of existing assets that aren't property.

Interest Rate Range for Large Loans

Average interest rates for larger mortgages via mainstream large loan lenders tend to be from 3.5% (March 2023). There are options with specialist large loan lenders like private banks but these can sometimes be more expensive as they're often bespoke and depend on the borrower's unique situation.

AUM and Dry Lending

There are 2 ways in which a large mortgage lender might offer you a mortgage; both have benefits and downsides which you’ll need to consider and discuss with your mortgage adviser:

  • AUM (assets under management) - this is a common scenario with private bank mortgages. Under this arrangement, the lender will want to manage other assets for you - such as your stocks and shares portfolio. These assets provide the lender with greater security and often result in them offering a higher LTV or a larger income multiple than would have otherwise been achieved
  • Dry Lending – this arrangement works in the same way as a traditional mortgage. It’s where the lender takes security over the property they’re lending against without taking security over any other assets which you may already have

Large Mortgage Loan Payments

Due to the bespoke nature of large mortgage loans, it’s sometimes possible to structure the monthly mortgage payments in a way that better suits your personal circumstances. For example, this may involve an annual rather than monthly mortgage payment to coincide with annual bonus payments.

Your mortgage broker will discuss these options with you and work with the lender to find the solution that best meets your needs.

How Do You Qualify for a Large Mortgage Loan?

Large mortgage loans are assessed the same way as smaller mortgages. Your lender will assess your creditworthiness, including your credit score, and ensure you can afford the mortgage loan. They’ll look at your employment history, property valuation, your age and loan term, debts and outgoings, etc.

The main difference with qualifying for a large mortgage is that the lender will likely have higher income requirements in order to ensure you can afford the mortgage and a larger minimum deposit requirement to negate risk. 

It’s also worth noting that if you want to borrow more than £5 million and/or have a variety of income sources such as investments, then you may want to consider a specialist lender who can look at lending more and take alternative income sources into account when assessing your application. To access these lenders you’ll likely need a mortgage broker such as John Charcol who can help you find a lender that will allow you to borrow more and give you the best deal.

Although the requirements can be stricter and you may have bespoke needs, ultimately, if you have a good credit history and meet the lender’s criteria, the mortgage process itself won’t be any different whether you’re applying for a £200,000 or £1 million mortgage.

John Charcol Expert Tip - February 2024

"Securing a large and high value loan is a significant financial commitment, and the importance of seeking mortgage advice through a broker cannot be overstated. A skilled broker brings expertise to navigate the complexities of such transactions, ensuring borrowers not only secure favourable terms but also make informed decisions tailored to their unique financial circumstances."

- Mortgage Technical Manager Nick Mendes, CeMAP qualified

How Can John Charcol Help with Larger Mortgages?

We Take Care of Everything

With nearly 50 years of service, we've seen it all. We can save you money, time and make buying your property easy.

We're Highly Recommended

We have over 2,100 5* reviews on, so you can feel confident that your mortgage is in the right hands.

We Give Personal, Expert Advice

We work around your schedule to help you arrange a mortgage that suits your circumstances, no matter how complex.

Our Process

1. First Conversation with Adviser

When you phone us, you can either arrange a phone appointment with your adviser or a face-to-face meeting – whatever suits you. Your adviser will ask you some questions then go away and find you the best deal for your circumstances and future needs. They’ll organise a follow up during which they’ll present you with what they’ve found.

2. Decision in Principle

Once you’re happy with your adviser’s recommendation, they’ll go about securing your DIP (Decision in Principle) - which is basically a promise from the lender that they’ll loan you money on the condition that the information you’ve provided is correct and subject to a valuation of the property.

3. Offer on Property

After you’ve secured a DIP (Decision in Principle), you’ll be in a great position to make an offer on a property. Sellers like DIPs. They show you can afford the purchase. What’s more, the fact that you’ve already started preparing for the transaction highlights to them that you’re serious in your intention to buy.

4. Pre-Application and Submission

Following the acceptance of your offer, we’ll send you some information which explains all the documents we need to submit to the lender. You’ll be assigned a client relationship manager who’ll check and submit certified copies of your documents; they’ll liaise with both you and the lender. Your adviser will then submit the fully packaged mortgage application.

5. Lender Underwriting and Valuation

The lender will underwrite your application; this basically means they’ll verify that the information you’ve provided is correct and review all your documents for themselves. They’ll also instruct a valuation for their purposes on the property you want to buy to make sure there are no significant problems with it.

6. Mortgage Offer

If the lender is happy with everything they’ve found, they’ll send you a mortgage offer. They’ll also send us a copy.

7. Conveyancing

After you’ve accepted your mortgage offer, you’ll go through the legal part of the process, known as conveyancing. This is where the solicitors/conveyancers draw up contracts and organise the actual, legal purchase of the property. You’ll also need to arrange buildings insurance at this stage, making sure it’s in place from exchange.

8. Exchange and Completion

Once everything is in place, your conveyancer/solicitor will exchange contracts with the seller’s conveyancer/solicitor. If your deposit is coming from savings or a gift, then it’s at this point that you put the deposit down and are legally bound to the property. You’ll lose your deposit if you pull out after exchange. If your deposit is coming from the sale of your current property, then it’s transferred at completion as part of the whole purchase. The purchase completes when the money is transferred on an agreed-upon date. This is when you get the keys to your new home.

Large Mortgage FAQs

Do Any Banks Offer Million Pound Mortgages?

There are high street lenders that provide mortgages for up to £7.5 million. If you have complex income and/or assets it's best to use a specialist broker with experience in large mortgage loans like John Charcol to ensure you get the best deal for your circumstances.

Why Is It More Difficult for High-Net-Worth Individuals to Get a Mortgage?

As a high-net-worth individual it can be more difficult to get a lender to understand your circumstances and cater to your complex requirements without the help of an expert broker.

This is because:

  1. The way your income is structured may be very complex
  2. Borrowers tend to be busy people with major time constraints
  3. Many of these mortgages are bespoke, so finding which lender will offer the best deal requires experience and time

A specialist mortgage broker with experience servicing high-net-worth individuals will be able to make this process easy for you.

How Long Do Large Home Loans Take in the UK?

Large mortgages for residential purposes can take around 6 weeks on average with a specialist mortgage broker, assuming there are no significant issues.

Do I Need to Use a High-Net-Worth Mortgage Broker?

It is possible to secure a large mortgage loan without using a specialist broker. However, high-net-worth borrowers tend to have complex circumstances and often require bespoke deals which can be a lot of hassle to source and arrange. Using a mortgage broker makes this process a whole lot easier, saves you time and ensures you get the best deal for your situation.

It's important you use a high-net-worth broker that will provide you with an entirely excellent service. John Charcol have years of experience in this area and will manage everything for you with efficiency. We know what will suit your needs, are experts in understanding very complex income structures and always provide a smooth and discreet service.

Can I Get a Large Buy-to-Let Mortgage?

It is possible to take out a large buy-to-let mortgage. It's best to use a specialist mortgage broker like John Charcol if you want to save time, money and ensure you get the best deal on the market.

See our page for more information on buy-to-let mortgages.

Alternatively, learn more about limited company buy-to-let mortgages and portfolio landlord mortgages.

What Are the Closing Costs and Fees for Large Mortgage Loans?

Closing costs are the additional charges incurred during the process of purchasing a property. These costs ensure that the transfer of the property’s ownership goes through smoothly and legally. 

These costs typically include:

  • Stamp Duty Land Tax
  • Conveyancing fees
  • Valuation costs
  • Mortgage fees
  • Survey costs
  • Land registry fees
  • Home insurance
  • Removal costs

These costs will vary depending on your location, the type of mortgage and the property’s purchase price but as a starting point, try budgeting around 3% - 5% of the property’s value to go towards these additional costs. 

It’s worth noting that as you’re applying for a large loan, you’re probably looking to purchase a more expensive and possibly larger property, which can increase the amount of Stamp Duty you’ll pay and the price of things like valuations and home insurance.

You can get an idea of the kinds of additional costs you may face by using online calculators, such as our Stamp Duty calculator, comparing providers, and speaking to your solicitor and mortgage broker.

JC Legal

We can help you with conveyancing by referring you to a legal team experienced in high-net-worth loans, via our JC Legal service.

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Home Insurance

No need to scour the market in search of the best insurance packages. We can find you buildings and contents insurance for your specific needs.

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It's important that you protect yourself against unforeseen circumstances when you take out a large loan. Our team can arrange protection cover for you.

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We can help you arrange removals for your new property, pack up, set up utilities and bills, register for Council Tax and more with our free Concierge Service.

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