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A Guide to £4 Million Mortgages

Is it possible to get a £4 million mortgage? Find out here.

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Pete Mugleston

Author: Pete Mugleston - Mortgage Advisor, MD

Updated: June 14, 2022

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 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
5 Years £70,114
10 Years £36,808
15 Years £25,743
20 Years £20,238
25 Years £16,957
30 Years £14,788
35 Years £13,254

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.

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:

Loan to value ratios

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.

Affordability

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.

Adverse credit

Mortgage providers perceive applicants with a history of adverse as riskier investments. Some may not lend to you at all, whereas others may impose rules, such as higher lending caps or lower LTV requirements.

Visit our bad credit mortgages section for further information.

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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.

Ask a quick question

We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in all different mortgage subjects.

Ask us a question and we'll get the best expert to help.

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About the author

Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for OMA of course!

Read more about Pete

Pete Mugleston

Mortgage Advisor, MD

FCA disclaimer

*Based on our research, the content contained in this article is accurate as of the 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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