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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*

£4 million mortgages: What you need to know

If you’re looking to invest in high value property, you may find it difficult to track down a lender willing to offer you a large enough mortgage. The most common issue for large loan seekers is that many providers have lending caps in place. This is because one large loan is riskier than several smaller loans spread across multiple applicants.

This article is based on getting a £4,000,000 mortgage. The good news is that the advisors we work with are experts when it comes to high value mortgages and they’ll help you find a lender to suit your needs.

This article covers what factors are considered with a mortgage of this size and the eligibility requirements large loan providers may have in place.

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Can I get a £4 million mortgage?

Assuming your meet the affordability and eligibility criteria for a £4m million mortgage, then yes. Absolutely! There are lenders who offer mortgages of this hefty amount, though you will likely need specialist advice to find them.

The advisors we work with are whole-of-market and have access to high net worth mortgage providers and private lenders who offer loans of £4m and upwards.

How do I find a lender for a £4,000,000 mortgage?

Just because they may be trickier to come across, this doesn’t mean it’s impossible to get a mortgage of this size. There are specialist large loan providers out there willing to offer mortgages of up to £7 million or more. The key is knowing where to look – and this is where we come in.

The whole-of-market brokers we work with have deep relationships with specialist lenders in every niche, and can refer you to a provider that deal with high net worth clients on a regular basis. They can also find you the most competitive deal to suit your needs, so get in touch to speak to an expert today.

What are the monthly payments on a £4 million mortgage?

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 based at 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

What are the implications of taking out a large mortgage?

When it comes to taking out a particularly large loan, such as that of a £4.6 million mortgage, for example, there are a few elements that differentiate the process from that of a mortgage for, say, £300,000.

The main differences for very large loans surround the providers themselves.

There is more expertise and different lender treatment associated with mortgages at higher loan values, meaning that fewer mainstream providers will be able to accommodate your needs – this is why it’s so important to seek specialist advice from a broker who knows this sector of the market, such as the advisors we work with.

What other factors impact getting a 4 million pound mortgage?

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 and large loans

Loan to Value (LTV) is a figure reflected as a percentage which refers to how much you want to borrow (the amount of deposit you have) in relation to the property’s market value.

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 however, and depending on your other individual circumstances there are a few providers may be willing to authorise a £4,000,000 mortgage at a higher loan to value, most of these would however be private banks. You can read more about LTV ratios here.

Affordability and £4 million mortgages

Affordability is always important when it comes to getting a mortgage, because lenders want to establish that you can feasibly borrow the requested amount based on your income, and be confident that you can keep up with your £4 million mortgage payments.

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.

If you’re looking to use a secured loan as collateral, lenders can be even more generous. Some will stretch to loaning up to 10x your income, others in excess of this figure – depending on the circumstances.

How does adverse credit impact eligibility for a £4 million mortgage?

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.

Why you should speak to a whole of market mortgage broker

We’ve helped over 120,000 people find the right mortgage, even those who may have been declined a mortgage or had bad credit history. In fact, our customers consistently rate us 5 stars on Feefo, mainly due to our high levels of service, but also because we offer offers a 5-star service with access to expert brokers who:

  • Are whole of market.
  • Have a working relationship with all high net worth lenders, not just a select few.
  • Already know the lenders to go to four high net worth mortgages as they successfully arrange these already.
  • Can offer bespoke advice to borrowers who are taking out large mortgage loans
  • Are OMA Accredited advisors.
  • Have completed a 12 module LIBF accredited training course.

Talk to a large loan mortgage expert today

If you like what you’re reading or require more information surrounding your £4 million mortgage, call Online Mortgage Advisor 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 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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