£1,500,000 Mortgage: Monthly Repayments & Income Requirements

To get a large mortgage of £1.5 million, you would typically need a deposit of at least 10%, with some lenders requiring a deposit of 20%. You’re also likely to need an income of at least £300,000 to be approved.

At the time of writing (November 2025), the approximate monthly repayments on a £1.5 million mortgage are £8,769. This is based on current interest rates being around 5%, a typical mortgage term of 25 years, and opting for a capital repayment mortgage. Based on this, you would repay £2,630,655 over the mortgage term.

In this article, you’ll learn what you can expect to repay, the income you’ll need and other factors that affect your monthly repayments.

How much does a £1.5 million mortgage cost per month?

What you repay each month will depend on your interest rate, mortgage term, and the type of mortgage you choose, such as a repayment or interest-only mortgage.

If you secure a mortgage with a longer term, you’ll typically make smaller monthly repayments but will likely pay more over the mortgage term.

It’s a good idea to speak to one of the advisors we work with to understand your repayments better. They can assist you in obtaining more favourable terms and lower repayments than you might secure on your own when trying to get a mortgage.

How much must you earn to get a £1.5 million mortgage?

To assess whether you can afford a £1,500,000 mortgage, lenders make an initial assessment based on the size of your income and apply a multiple of that figure to reach this amount. The amount you can borrow is based on your salary.

Regardless of the amount you want to borrow, every lender is different and uses their criteria when assessing what mortgage somebody can afford. This means some lenders may be more generous than others, especially as the criteria can be more complex with larger amounts.

Most lenders usually base their affordability calculations on your salaried income (up to 4.5 times your income in most instances, going up to 6 times in rare cases).

Some will consider a percentage of your annual bonus (but rarely the whole bonus).

They’ll also factor in your fixed expenses, which can include everything from childcare to gym memberships, a process known as ‘stress-testing’.

If your current income is more than £300,000, the table below gives you an idea of the maximum you may be able to borrow.

The above is for indicative purposes only. You should always check with your lender or one of the advisors we work with for the most up-to-date information.

For example, the income required for a £1.5 million mortgage based on 4x income would be £375,000, although if your lender allows you to borrow 5x your salary, then your income would need to be just £300,000.

In some circumstances, such as when the borrower is asset-rich with limited income, an income multiple may not be sufficient to secure the required borrowing.

In such cases, an asset-backed mortgage solution may be more appropriate.

You can read more about asset-backed mortgages in our high-net-worth mortgages guide.

How much deposit do you need for a £1.5 million mortgage?

Most lenders’ minimum deposit requirements range from 10% to 20% of the property value. So, you’ll likely need a deposit in this range to secure a £1.5 million mortgage.

Lenders will consider your loan-to-value (LTV). The lower the LTV, the less of a risk you will be perceived, and the higher the deposit, the lower the repayments.

Some high-street lenders impose income caps on higher-value loans. For example, many of them won’t lend beyond 75-80% LTV above £1,000,000, regardless of your income and other factors, which means you’d need a deposit of at least 10% to qualify for the finance you need, depending on the lender.

However, it is still possible to find a £1 million mortgage with the same deposit requirements as a standard residential mortgage if your application is strong and minimal risk factors (such as bad credit) are present.

How to get a £1.5 million mortgage

Once you’ve found a property and completed the necessary calculations, your next step should be to find an experienced mortgage broker. This will increase your chances of approval and help you secure the best available terms.

Using our broker-matching service, you can speak to the right broker straightaway by simply enquiring online.

They’ll be able to help with:

• Deposit requirements: To secure a £1.5 million mortgage, you must save a minimum deposit of 10% to 20%. The exact amount required will depend on the property value. For example, for a £1,500,000 house, a 10% deposit would be £150,000. A straightforward way to save for this deposit is to open a savings account and put 10% to 15% of your monthly wage into the account.
• Reviewing and Optimising Your Credit Reports: It’s important to check your credit history before applying to ensure no bad credit issues exist and remove any inaccurate or outdated information that could hinder your chances of securing the mortgage you need.
• Gathering all the necessary paperwork for your application: Your broker will be able to guide you through the application process and all the typical documents required—proof of income, at least three months of bank statements, personal ID, proof of address, evidence of deposit, latest P60 form, etc.
• Determining Your Borrowing Capacity: Based on typical lender salary multiplier calculations, you might assume that £1.5 million is the maximum amount you can borrow for a mortgage. However, this may not be the case. A mortgage broker can assess your circumstances and eligibility for better deals from lenders, potentially allowing you to borrow more at better interest rates.
• Identify the Right Lender and Secure the Best Deal: Your mortgage broker can help you identify lenders offering the best interest rate terms. This can save you time and potentially money.
• Guiding you through the Mortgage Process: Getting a mortgage can be difficult, especially if it’s your first application. The right mortgage broker can help you with any issues you may face along the way, look after your interests and be a lifeline in case anything goes wrong.

Example monthly repayments for a £1.5 million mortgage

The table below shows how monthly payments on a £1.5 million mortgage can change depending on the rate and term.

Interest-only mortgages

Interest-only mortgages of this size do exist and are subject to similar restrictions that you’ll find on smaller interest-only mortgages.

You’re more likely to find interest-only mortgages offered by a private lender, though you shouldn’t completely rule out the high street.

As a general rule, you’ll need a slightly larger deposit. Most lenders will only accept loans up to 75% loan-to-value (LTV), though a small number will consider 80% or 85% in the right circumstances.

Remember: Some high street lenders impose LTV caps on high-value loans that supersede everything else. For example, regardless of other factors, they won’t lend above 75% of £1 million.

The main benefit of an interest-only mortgage is the lower monthly repayments.

Of course, this is evened out by the fact that the entire balance is due at the end of the mortgage term.

Your lender will want you to demonstrate a viable repayment strategy—basically, they want to see that you’ll be able to pay off the large principal payment at the end of the loan.

The repayment amount for interest-only mortgages stays the same regardless of the loan term. For example, if the monthly repayment at a 6% interest rate is £7,500, it will remain the same whether you choose a 15-year or a 30-year term.

This is due to the principal amount not decreasing and being paid off in full until the end, using a separate repayment vehicle.

For these tables, we assume the interest rate stays the same for the full length of the mortgage. Interest rates can change if you remortgage to a different rate or move from a fixed or discounted deal to the lender’s standard variable rate (SVR).

With the Bank of England base rate currently at 4% (November 2025) and the average mortgage rate between 5% and 6%, the repayment figures along these rows in the table above would be the most realistic at present. However, this can change as and when the base rate changes.

Eligibility criteria

The Financial Conduct Authority (FCA) implemented its Mortgage Market Review (MMR) in 2014.

The main focus of MMR was to ensure UK lenders took greater responsibility when scrutinising whether an applicant could afford their mortgage repayments.

In this review, the FCA offered guidance on borrowing requests for large amounts, which required a much more in-depth investigation. In addition, the MMR also clarified when an applicant should be categorised as a high-net-worth individual.

Since the introduction of MMR:

• Any lending requests for amounts above £500,000 require closer scrutiny by a lender
• Any applicant with annual income in excess of £300,000 and/or total net assets of £3 million will be categorised as a high net worth individual (HNWI)

As a result, if you need a mortgage for £500,000 or more, a lender will want information on your total net worth, including all assets, and your income.

After reviewing your total assets, a lender can apply for a high-net-worth waiver if you fall into this category.

This allows lenders to be much more creative with repayment strategies, including using some of these assets to approve your mortgage.

Getting a £1.5 million commercial mortgage

Business mortgages of this amount are available if you meet the right criteria.

Commercial mortgages are used when business loans, usually capped at £25,000, don’t provide the funding needed.

Such circumstances might include purchasing a new property to trade from.

Commercial mortgages can be divided into two types…

• Owner-occupier mortgages: Used to buy a property that will serve as a trading premise for your firm.
• Commercial investment mortgages are typically used to invest in commercial property you might be planning to let out.

Whether you are eligible for a £1.5m commercial mortgage is a question that one of the advisors we work with can answer.

They’re experts on high-value commercial mortgages, have contacts with specialist lenders and can help you find the best deal.

You can find out more in our complete guide to commercial mortgages.

Get matched with the right mortgage broker.

If you need a mortgage worth £1.5 million or more, seek professional advice before you start.

We work with brokers who specialise in arranging large mortgages. They have deep working relationships with the lenders who offer them, including private mortgage providers you won’t find on the high street.

We offer a broker-matching service that will quickly assess your needs and circumstances to pair you with the broker who’s best placed to get you a great deal on a £1.5 million mortgage.

Call 0330 818 7026 or make an enquiry, and we’ll set up a no-obligation chat between you and them today.