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 1.25% - 2.5% (2021). There are options with specialist large loan lenders like private banks from 2.5% - 4.5% (2021), but 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.
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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.
How Can John Charcol Help with Larger Mortgages?
We Take Care of Everything
With over 45 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 1,800 5* reviews on reviews.co.uk, 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.
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.
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.
What our customers say
John Charcol0330 057 5173£
Cutlers Exchange, 123 HoundsditchLondonEC3A 7BU
2033 Total reviews
Thank you so much to Ezra and Fiona for their help, not only finding us a great mortgage deal but being really helpful with all the bumps along the road. They provided an excellent, friendly and professional service. We got very quick responses to our emails and had very good experiences on the phone. I would certainly recommend John Charcol to anyone looking for a mortgage and will definitely be coming back for our future mortgage needs.Posted
We are very grateful to Harry Limburn and Emily Gould for their assistance over the last few weeks in procuring our bridging loan. The works to our house are now underway. Efficient, friendly, encouraging, thoughtful …… we could go on but you get the gist! Based on the was that they looked after us I would thoroughly recommend John Charcol to anyone.Posted
Friendly, competitive, flexible, and made the whole process easy to navigate! Damien worked tirelessly to find us the best rate and terms for a mortgage suited to our needs, and made sure we had very regular updates on the progress of our application from start to finish.Posted
Damien was brilliantly helpful and made the whole process stress free. Excellent service.Posted
Gracias a todos puntualmentePosted
I had a complex mortgage requirement that I couldn't get ant other broker to help with Shaahid picked it up and managed to get a lender that could get us the finance we needed Absolutely now way this would have happened without his helpPosted
Steven was really helpful throughout the whole process. Always available to discuss any queries I may have and explain everything in an appropriate way. I would wholly recommend his services.Posted
Recently contacted Andrew Ireland from John Charcol to help with remortgaging my daughters property and changing details of ownership. From the beginning, he was extremely helpful, professional and informed us of the ongoing process. Any queries were promptly answered and the whole experience was a positive one. I would definately recommend Mr Ireland and will use him again, if required.Posted
competent salespeople make concessions to people very satisfied with their workPosted
I just completed on my first property and am immensely satisfied to have had Jon Charcol as my broker. Katie Thomas and Maisie Reeves looked after my mortgage application, and I'm very grateful to them for the service they provided. Katie was able to clearly articulate the complicated world of mortgages to me when it was wholly new and unclear. Her advice I trusted, and this is invaluable as a first time buyer. Maisie dealt with my application during the closing stages and was very personable in her communication and interaction with the agents and solicitors. This was also greatly appreciated. One area for development would be a little more communication with the client in relation to expected timescales for the mortgage offer. That said, I'm still highly satisfied with the services provided, and will remain a client in the future. Thank you both!Posted
Large Mortgage FAQs
Do Any Banks Offer Million Pound Mortgages?
There are high street lenders that provide mortgages up to £2 million. You’ll need a specialist broker with experience in large mortgage loans for anything above £2 million though, as these lenders require that you use a mortgage broker or intermediary.
Why Is It More Difficult for High-Net-Worth Individuals to Get a Mortgage?
It can be more difficult for high-net-worth individuals to get a mortgage, unless you use an expert broker with experience in this field.
This is because:
- Not all lenders will allow you to borrow a very large amount of money, which means you’ll likely require a specialist lender
- The range of options available to you will differ in structure and flexibility
- The way your income is structured may be very complex
- Borrowers tend to be busy people with major time constraints
- 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 3 – 6 weeks on average with a specialist mortgage broker, assuming there are no significant issues. In certain circumstances, it’s possible to complete in 2 weeks or less.
Do I Need to Use a High-Net-Worth Mortgage Broker?
You’ll need a high-net-worth mortgage broker if you want to borrow over £2 million. The lenders and private banks that provide large mortgages like these won’t accept applications directly from borrowers. They require that you use a specialist broker or intermediary.
Nonetheless, 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 buy-to-let mortgage for more than £2 million, but you’ll definitely need to use a specialist mortgage broker like John Charcol.
See our page for more information on buy-to-let mortgages.