How Do You Find a Large Mortgage Loan?

Most high street lenders in the UK offer mortgages of up to £1 million with a handful stretching to £2 million. As a general rule, these lenders will only offer mortgages where the LTV (loan-to-value) is between 60% and 75% of the property value.

Thankfully, there are plenty of specialist lenders and private banks offering mortgages at higher LTVs. These lenders typically also have a far more open approach to assessing income and can usually take your broader income and asset base into account when considering your borrowing requirements.

Borrowers typically need to use high net worth mortgage brokers like John Charcol to access these specialist lenders and private banks. We also ensure purchases are completed smoothly and discreetly.

Minimum Deposit for a Big Mortgage

The minimum deposit for a large mortgage is 10%, but this is only possible in certain circumstances. Every case is assessed assets individually, although a typical deposit is 15% or more.

John Charcol can also find lenders that will consider loans against current assets to boost cash deposits.

Interest Rate Range for Large Loans

Average interest rates for larger mortgages are currently 1.5% - 2% (2020). There are options with interest rates as low as 1.2% - 1.5%, but these are bespoke and are only available in some situations.

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 often 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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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.

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 1,500 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.

What our customers say

John Charcol

John Charcol 0330 057 5173 £

Cutlers Exchange, 123 Houndsditch London EC3A 7BU

Excellent

90%

1835 Total reviews

4.85 Average rating

  • 5

    Special mention and a massive thank you to Nick Mendes and Rebecca Law who were both simply fantastic throughout the whole process. I am very happy with their service in helping me to obtain my first mortgage and I would not hesitate to recommend their expertise or customer/client care.

    Posted
  • 5

    Special mention to Randeep who was excellent through out the whole process. Excellent delivery and professional and proactive service. No hesitation in recommending to others.

    Posted
  • 5

    Special mention to Samm Walker who has organised the life cover for me and my partner. Samm was really pleasant to talk to and deal with, took the time to go through exactly what we wanted and presented us with a much better deal than we had found elsewhere. Samm did all the application for us after a quick phone-call to take our personal details, and that was that! Very quick, efficient and painless!

    Posted
  • 5

    Great service, very helpful and always kept me up to date. Affordable and got me a great mortgage deal.

    Posted
  • 5

    Steven Prior, my advisor was responsive, informative and patient. I have recommended one friend to Steven and will not hesitate to recommend Steven and John Charcol to others. A thoroughly good service.

    Posted
  • 5

    Could not recommend more. Very easy and professional, got us an amazing deal and all sorted out very quickly and with minimal fuss.

    Posted
  • 5

    I have a very good experience with John Charcoal, I really trust this company because all persons are giving the real information about the mortgage advice and they act as your family team member. They always make you feel very comfortable with your any questions you ask them. It is very worth to choosing this company, they work for the value for your money. I love all the team members of John Charcoal , specially Sophie because she is brilliant , she played a very important roll during my mortgage process.

    Posted
  • 5

    Couldn't recommend them highly enough. Alex was helpful from the very first phone call and communication was superb. We only called to make a general enquiry as we hadn't planned to pay for a broker but have not looked back since. Professionalism of the whole team gave us confidence that they would arrange everything for us. I wouldn't hesitate to recommend this company to anyone.

    Posted
  • 5

    Professional, quick efficient service. Exceeded our expectations with the start to finish service. Would not have been able to complete as quickly without them

    Posted
  • 5

    We were delighted with the very professional service we received from this Company. We were informed every step of the way in completing our mortgage. Nothing was a problem for any of their staff who handled our application, they emailed or rang to keep us informed and would highly recommend this Company.

    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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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 especially important that you protect yourself against unforeseen circumstances when you take out a large loan. Our in-house team can arrange protection cover tailored to your specific needs.

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Concierge 

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

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