£4 Million Mortgages
See how dedicated expert advice and premium financial service from a Large Loan specialist could help secure your mortgage
Firstly, are you looking for a mortgage over £1 million?
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If you’re looking for a mortgage of £4 million or more, you may find it difficult to find a willing lender.
The most common issue for large loan seekers is that many mortgage providers have lending caps in place. This is because one large loan is riskier than several smaller loans spread across multiple applicants.
But options are available if you can afford a mortgage of this size and know where to turn.
In this guide, you’ll learn how to qualify for a £4 million mortgage, how much the repayments will be and how to find a broker who can help you secure the finance you need.
Can you get a £4 million mortgage?
Yes! Assuming your meet the affordability checks and eligibility criteria for a £4 million mortgage, it’s possible, but not every mortgage lender is able to offer a loan of this amount.
There are, however, lenders who specialise in large mortgages, though you’ll almost certainly need to use a mortgage broker to find the best deal.
Many people who are in a position to afford a mortgage of £4 million and up often use private mortgage lenders who specifically cater for high net worth individuals, and these lenders are often only accessible through brokers.
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How much will the monthly payments be?
This will largely depend on how long the term length is.
The table below will give you an idea of how much a £4 million mortgage will set you back each month, if taken on a repayment basis with an interest rate of 2%.
|Term Length||Monthly Payment|
Should you use a private mortgage lender?
There are benefits to using a private mortgage lender for a mortgage of £4 million or more, especially if you qualify for high net worth exemption.
To meet the high net worth criteria, you’ll need to have an annual net income of £300,000 or assets worth £3 million or more.
If this is the case, the usual lending rules may not apply to you and it might be possible to secure a bespoke mortgage deal.
Private lenders are also able to offer asset-backed mortgages for customers whose wealth is tied up in their assets.
These agreements involve securing the loan against a valuable asset, such as a stocks and shares portfolio.
Going down the private lending route is an option if you qualify for a high net worth mortgage, but it’s a good idea to compare the bespoke deals you’d qualify for from these lenders with what’s available elsewhere.
The best way to compare deals is through a broker who specialises in high value mortgages, as they will have access to every lender offering them, including private mortgage providers who are only approachable through a broker.
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Other factors that will affect your eligibility
When you’ve identified which providers are willing to authorise large loans, the process thereafter is much the same as that of a “regular” sized mortgage.
Similar factors and eligibility checks will apply to assess a borrower’s eligibility:
Many lenders will cap the amount they are willing to loan at different levels depending on the LTV (plus any other equity you have).
Higher risk applicants (high LTV) are often subject to less competitive rates or more stringent lending caps, whereas low LTV borrowers may be free to borrow a far larger sum.
As an example, one large loan provider may cap the amount you can borrow at £1.5 million for 90% LTV applications, £3 million at 80% and £4.5 million at 75% or under.
All lenders will have different criteria and lending caps in place, and depending on your other individual circumstances there are a few providers may be willing to authorise a £4m mortgage at a higher loan to value, most of these would, however, be private banks.
You can read more about LTV ratios in our guide to mortgage deposits.
When it comes to large mortgages, affordability can be especially key.
The majority of mainstream mortgage deals tend to be limited to 4.5x their annual income for employees, net profit for sole trader mortgages and partnerships, and salary + dividends if it’s a mortgage for a limited company director.
However, some specialist providers will consider extending these caps for affluent, high-end earners seeking large mortgages, and may allow a far higher maximum loan amount.
In some instances, this can be up to or exceeding 6x your income.
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Get matched with the right mortgage broker today
The best way to get a good deal on a mortgage worth £4 million or more is to speak to a broker who specialises in large mortgages.
This will give you access to the entire market, including private mortgage lenders who cater for high net worth individuals.
We offer a free broker-matching service which will quickly assess your needs and circumstances to pair you with the mortgage advisor who’s best positioned to help you get a great deal on a mortgage worth £4 million or more.
Call us on 0808 189 2301 or make an enquiry and we’ll set up a free, no-obligation chat between you and your ideal mortgage broker today.
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