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 banks. 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 rates available.

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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.

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.

What our customers say

John Charcol

John Charcol0330 057 5173£

Cutlers Exchange, 123 HoundsditchLondonEC3A 7BU

Excellent

90%

1996 Total reviews

4.85 Average rating

  • 5

    Emily and Nick have been incredible. Both delivered an outstanding service. Great communication and everything was done in a timely manner. Look forward to working with you both again in the near future.

    Posted
  • 5

    Randeep Sodhi provided an excellent service; he was consultative, helpful and matched us with a financial product which met our needs. He kept us informed with regular updates, thereby minimising any concerns, which we are very grateful for. Very professional - 5 stars - would highly recommend.

    Posted
  • 5

    Emily Gould and Tiara Hardy are the ‘Dream Team’ when it comes to second charge mortgage finance. I had the fortune of being referred to them, and they sorted two separate cases on different properties within one year. Tiara ensured the cases were fully understood and researched, with the best products sourced; Emily then kicks in with ensuring that the case runs smoothly to completion. Neither case was straightforward, but all obstacles were overcome. It was clear both times that Tiara and Emily both have good relationships with the relevant lenders, which always made the difference. Emails returned on time, phone calls made when necessary; job done. I would recommend John Charcol, and particularly Emily Gould and Tiara Hardy, without hesitation. Thanks guys, both times round. You’re both a credit to John Charcol.

    Posted
  • 5

    Tiara Hardy and Emily Gould have been fantastic every step of the way in arranging specialist finance for my latest renovation project. Having been a mortgage broker myself for many years I know good service when I see it. In particular, Emily supported the whole case through to completion even working the case on her days off which is above and beyond so a massive thanks needs to go to her for that. Best wishes for Christmas to all the team and looking forward to more future projects together.

    Posted
  • 5

    Andrew Ireland at John Charcol was fantastic. Our circumstances meant that getting a mortgage wasn't straightforward but Andrew listened to our needs and advised us on the best way forward. There was a significant issue with the lender and their valuer going around in circles but Andrew's persistence meant that the issue was resolved and we were able to move forward. If we had being doing this ourselves the purchase would almost certainly have fallen through. Very, very highly recommended.

    Posted
  • 5

    Top professionals I have to say, trustable and reliable. My case was dealt by Scott Barron and Louise Cheatle (was Toni Walker before Louise Cheatle) My entire year is almost dealing with three small purchases, with one purchase failed within ten days. It’s all nightmare that i wake up in the morning I know I have to deal with estate agents, lenders and solicitors like a full time job, especially solicitors because most of them create issues on purpose My case with them I have a crazy lender, got my mortgage application into four months and a half. The crazy people will never create one problem, but a series problems, then all consequences came to me one by one. Scott has showed enough patience and professionalism to bring everything back on track once and once again. I was actually thinking if my case was not with him, should fail at early stage. I should say BIG THANK YOU

    Posted
  • 5

    We dealt with Andrew Ireland at John Charcol. He was truly outstanding. Our case was complex, involving refinancing on two properties. Andrew gave really clear guidance on our options from the start and then kept on our case with the lenders and the legal teams throughout. We tried several brokers while seeking advice on our refinancing needs. John Charcol and Andrew Ireland were the best by a mile. None of the other brokers gave such clear guidance at the beginning and, in their rush to say they could help, the others failed to factor in key information which was crucial to the lenders who would lend in our circumstances.

    Posted
  • 5

    My husband and I couldn't recommend John Charcol enough to our family and friends! The service we have received has been outstanding. We wanted to say a massive thankyou to Scott, Fiona and Chantelle in assisting us with our house move. They have gone above and beyond with helping us over the past 13 months, and guided us through all the obstacles that were thrown our way during the pandemic and chains collapsing. They took all the stress away from us and made the whole process run as smoothly as possible.

    Posted
  • 5

    Gets the job done, good channels of communication! Completed my case swiftly and effectively.

    Posted
  • 5

    My wife and I had a wonderful experience working with Randeep Sodhi of John Charcol for our investment property mortgage loan. From beginning to end he was very informative, extremely thorough and attentive to our financial needs, thus making sure that we were getting the best deal possible. He is one of the most knowledgeable, honest professional mortgage advisor we have ever worked with. He kept us advised every step of the mortgage process, explaining the reason for every obscure document requested from us. His manner was always friendly and he was always available to our every question we had. We highly recommend Randeep Sodhi and his company to our friends. We will certainly use him in future. He is remarkable and a five star advisor.

    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:

  1. Not all lenders will allow you to borrow a very large amount of money, which means you’ll likely require a specialist lender
  2. The range of options available to you will differ in structure and flexibility
  3. The way your income is structured may be very complex
  4. Borrowers tend to be busy people with major time constraints
  5. 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.

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

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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Protection

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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Concierge 

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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