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By Pete Mugleston | Mortgage Advisor

Pete has been a mortgage advisor for over 10 years, and is regularly cited in both trade and national press.

Updated: 19th March 2021*

Can I get a £1.5 million mortgage?

Most of the enquiries we get usually to fall into the more mainstream mortgage lending area. However, we also receive quite a lot of enquiries of a more high net worth nature from individuals who are looking to borrow large amounts of money for a mortgage.

And while it’s not uncommon for a lender to offer a mortgage worth £1.5 million or more than a million, there are quite strict criteria to meet.

The good news is, even for larger and more complex lending requirements, we work with advisors who are experts when it comes to high value mortgages, and they can advise you on the great options available.

In this article we will cover:

Once you’ve read through the information below, make an enquiry and we can arrange for a high net worth lending expert to get in touch.

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How much does a 1.5 million mortgage cost?

Every lender is different, taking into account their own loan to value guidelines, interest rates and a range of other factors when estimating the repayments for a specific amount you’re looking to borrow.

There are also additional costs and fees to factor in, including…

  • Valuation fees
  • Solicitor fees
  • Arrangement fees
  • Booking fees
  • Potential insurance costs

If you’d like to receive a full quotation for a specific amount, make an enquiry and we can arrange for an advisor we work with to get in touch and arrange a no-obligation consultation with you.

We don’t charge a fee and we won’t leave marks on your credit rating. 

What are the mortgage repayments on 1.5 million?

This all depends on many factors such as the interest rate, the term of the mortgage, the amount of deposit you have and whether you opt for standard repayment or interest only mortgage.

For instance, 1.5 million mortgage monthly repayments can vary as much as £6,347 a month depending on a number of factors. The monthly payments below are based on a loan of £1.5 million and an interest rate of 3.5%.

Mortgage Term Repayment Mortgage Interest Only Mortgage
15 years £10,726 £4,379
20 years £8,702 £4,379
25 years £7,512 £4,379
30 years £6,738 £4,379
35 years £6,202 £4,379

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

If you want to know how much a mortgage of more than £1.5m will set you back each month, make an enquiry and the experts we work with will crunch the numbers for you. Whether you’re curious about £1.8 million mortgage payments or need to know the cost of a £2 million mortgage, they can give you the right advice.

Do I earn enough for a one and a half million pound mortgage?

In terms of whether you can have a £1,500,000 mortgage, lenders will still make an initial assessment based on the size of your income and apply a multiple of that figure to reach this amount.

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

Most lenders will use a multiple of 4-4.5 x earnings, some will use 5 x earnings and a few will go as high as 6 x earnings. If your current income is in excess of £300,000 the table below gives you an idea of the maximum you may be able to borrow.

Total earnings 4 x salary 5 x salary 6 x salary
£300,000 £1,200,000 £1,500,000 £1,800,000
£400,000 £1,600,000 £2,000,000 £2,400,000
£500,000 £2,000,000 £2,500,000 £3,000,000
£750,000 £3,000,000 £3,750,000 £4,500,000
£1,000,000 £4,000,000 £5,000,000 £6,000,000

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

So, for example, the income required for a £1.5 million pound 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.

The number of lenders willing to cater for such large amounts is limited. Most lenders will only be prepared to allow mortgages up to £1,000,000, some will consider mortgages up to £5,000,000 and a select few have no set maximum amount at all.

The maximum loan to value available for high net worth mortgages can also differ between lenders. For amounts in excess of £500,000 most lenders apply a maximum loan to value of 50%, some will apply a higher limit of 65% and a few will go up to 75%.

In these circumstances, an income multiple may not be sufficient to ascertain the borrowing you may require. In such cases, an asset-backed mortgage solution may be more appropriate.  

If you’d like to understand more about asset-backed mortgages take a look at our dedicated article on this type of lending. 

What are the criteria for 1.5 million house mortgages?

Back in 2014, the Financial Conduct Authority (FCA) implemented its Mortgage Market Review (MMR). The main focus of MMR was to ensure UK lenders took greater responsibility when scrutinising whether an applicant was able to afford their mortgage repayments.

Within this review, the FCA offered guidance on borrowing requests for large amounts which required much more in-depth investigation. In addition, the MMR also clarified as to 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, in addition to your income.

After reviewing your total assets, if you fall into the high net worth category a lender is able to use what is called a high net worth waiver. This allows lenders to be much more creative with repayment strategies which may include using some of these assets in order to approve your mortgage.

It can be difficult to find lenders who specifically cater for high net worth mortgages. This is where we can help. The advisors we work with know which lenders specialise in this type of lending. If you get in touch we can arrange for an expert to contact you directly.

What deposit will I need for a one and a half million mortgage?

The amount of deposit you have has a very strong bearing on both your repayments and the chances of your mortgage being approved.

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

The repayments below show how a higher deposit on a property worth £2 million, can affect your monthly repayments. The figures are based on 3.5% over 25 years.

Loan to Value (LTV) Deposit Repayment Interest Only
95% £100,000 £9,515 £5,547
85% £300,000 £8,514 £4,963
75% £500,000 £7,512 £4,379
50% £1,000,000 £5,008 £2,919

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

All lenders are different and the amount of deposit they require will differ. Mortgages of this amount require specialist lenders and the advisors we work with have an established relationship with these companies. For the best deal, talk to one of our advisors today. 

Can I get a 1.5 million commercial mortgage?

Yes, as long as you meet the lender’s 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, which are used to buy a property that will serve as a trading premise for your firm, and commercial investment mortgages. These are typically used to invest in commercial property that 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 more information about commercial mortgages here.

Why you should speak to an expert broker if you’re looking for a 1.5 million mortgage

At Online Mortgage Advisor we can offer you a first-class service tailored to your own specific needs with access to the most experienced brokers available that:

  • Have whole of market access
  • Have excellent relationships with specialist high value mortgage lenders
  • Are OMA accredited advisors
  • Have completed a 12 module LIBF accredited training course

In fact our clients consistently rate us 5 stars on Feefo for the level of service and successful outcomes we provide.

Speak to a high net worth mortgage expert

If you have questions and want to speak to an expert for the right advice, call Online Mortgage Advisor today on 0808 189 2301 or make an enquiry here.

Then sit back and let us do all the hard work in finding the broker with the right expertise for your circumstances. We don’t charge a fee and there’s absolutely no obligation or marks on your credit rating.

Updated: 19th March 2021
OnlineMortgageAdvisor 2021 ©

FCA disclaimer

*Based on our research, the content contained in this article is accurate as of most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs. Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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