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A Guide to Mortgages of £6 Million and Over

Can you get a mortgage for six, eight or even £100 million? Find out here

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No impact on credit score

Pete Mugleston

Author: Pete Mugleston - Mortgage Advisor, MD

Updated: January 13, 2022

Those looking for a mortgage of over £6 million can find it difficult to track down a lender. Many mortgage providers have a maximum sum they’re willing to lend any applicant due to the risk involved with investing a lot of money in one borrower/property, versus spreading the load across multiple individuals.

If you’re looking for a mortgage of £6 million or over, this guide is for you. Here, you’ll learn how to secure a mortgage of this amount, what the repayments will be and how a broker who specialises in high net worth individuals can help you get the best deal.

Can you get a mortgage of £6 million or more?

Yes, but you’re unlikely to find many options on the high street as mainstream lenders usually have maximum loan caps that prevent them from offering loans of this size.

To qualify for a mortgage of £6 million or more, you would need to meet the criteria for high net worth exemption, but if this does apply to you, the good news is that you will have access to private mortgage lenders with no maximum loan caps.

Depending on how much income or asset-based wealth you have, you may be able to qualify for a mortgage of £6 million, £10 million or even £85-100 million and beyond with a private lender, as they are positioned to offer bespoke mortgage deals that aren’t restricted by the usual rules and criteria on the high street.

Private lenders aren’t usually accessible to the general public as many of them work exclusively through brokers, like the high net worth mortgage specialists we work with.

How much do you need to earn?

To qualify for high net worth mortgage exemption, you’ll need an annual net income of £300,000 or assets worth £3 million or more. To get a mortgage of £6 million based on standard income multiples (typically 4.5-6 times salary) you would need to earn just between £1m and £1.2m per year.

The same income multiples formula can be applied to mortgages of £7 million, £8 million, £9 million, £10 million and upwards to establish how much salary you would need to be earning to service a home loan of the amount in question.

That said, private mortgage lenders have the flexibility to operate outside of standard lending criteria when the borrower has high net worth mortgage exemption, so if this applies to you, it may be possible to borrow 7 times your income or an even higher salary multiple.

What will the monthly repayments be?

The tables below provide examples of how much the repayments would be on mortgages of £6 million and up, based on a capital and repayment deal with an interest rate of 2% and a term length of 25 years…

£6 million mortgage

Mortgage amount Term length Interest rate Monthly payment Total paid during term
6 million 25 years 2% £25,436 £7,630,724

£7 million mortgage

Mortgage amount Term length Interest rate Monthly payment Total paid during term
7 million 25 years 2% £29,675 £8,902,511

£8 million mortgage

Mortgage amount Term length Interest rate Monthly payment Total paid during term
8 million 25 years 2% £33,914 £10,174,299

£9 million mortgage

Mortgage amount Term length Interest rate Monthly payment Total paid during term
9 million 25 years 2% £38,154 £11,446,086

£10 million mortgage

Mortgage amount Term length Interest rate Monthly payment Total paid during term
10 million 25 years 2% £42,393 £12,717,874

£80 million mortgage

Mortgage amount Term length Interest rate Monthly payment Total paid during term
80 million 25 years 2% £339,143 £101,742,989

£85 million mortgage

Mortgage amount Term length Interest rate Monthly payment Total paid during term
85 million 25 years 2% £360,340 £108,101,927

£100 million mortgage

Mortgage amount Term length Interest rate Monthly payment Total paid during term
100 million 25 years 2% £423,929 £127,178,737

The above tables are purely for example purposes. The exact amount you would have to repay on a high net worth mortgage will vary based on a number of factors, including the term length and how much deposit you have.

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Why is it more difficult to get a mortgage of this size?

The process of getting a very large loan, such as for a £6 million mortgage and upwards, is very similar to that of a “normal” size home loan. The main factor that sets the process apart is how difficult it can be to find a willing lender.

As larger value loans are deemed considerably higher risk, fewer mainstream lenders are able to cater for your requirements. What’s more, there is more expertise required when dealing with mortgages at high loan values, meaning that you will likely need to find a private or specialist lender.

How to find the right lender

Although they can be more difficult to find, rest assured that there are specialist and private mortgage providers out there who are willing to offer very large mortgages to people who qualify for high net worth exemption.

Many of these lenders are only approachable through mortgage brokers, but the good news is that there are advisors in our network who specialise in high net worth mortgages.

We can match you with a broker who has deep working relationships with lenders who offer mortgages of £6 million and up, and even mortgage providers who have the flexibility to offer deals worth tens, not to mention, hundreds of millions of pounds.

These lenders offer mortgage deals on a bespoke basis and your broker can negotiate exclusive terms and rates with them on your behalf.

Other factors that will affect your eligibility

When you’ve found a willing lender, similar eligibility checks will apply as with any mortgage, although if you qualify for high net worth exemption, the right lender may assess what kind of deal you qualify for on a bespoke basis.

Affordability

It goes without saying that you have to be able to afford your mortgage and that you are able to provide evidence (usually determined by income) to back this up. Lenders need proof that you can feasibly borrow the sum you’ve applied for, and be confident that can keep up with the repayments throughout the life of the loan.

However, for a loan of £6 million or more, this will be assessed differently than it would be on the high street. Private lenders have the flexibility to offer mortgages based on income multiples of seven times salary and up, and even strike up asset-backed mortgage agreements for customers whose wealth is tied up in assets.

Loan to Value ratios

Generally speaking, a lower LTV opens you up to a wider variety of lender options and access to more competitive rates. This is because the more the invest from your own pocket, the more reassurance you are giving mortgage providers of your commitment.

What’s more, lenders often cap the amount they will lend you based on the property’s LTV. For example, one loan provider may not be willing to lend for an £8 million mortgage unless you have an LTV of at least 90%. If you have an LTV of 80% on the other hand, the same provider may be willing to extend this to a £10 million mortgage.

Credit history

Private lenders may not be bound by the same regulations as high street ones, but having clean credit is likely to boost your chances of securing a favourable deal. That said, lenders who specialise in high net worth mortgages have the flexibility to offer mortgages to borrowers with various types of bad credit, but it may affect the rates you’re offered.

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Get matched with a high net worth mortgage expert today

If you’re looking for a mortgage of £6 million or more, you won’t find many options on the high street, so your best bet is to speak to a broker who specialises in high net worth mortgages. Through them, you will gain access to a world of viable options, including private lenders who are only approachable via a broker.

We offer a free 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 mortgage for £6 million or more, based on their track record, knowledge and lender contacts.

Call 0808 189 2301 or make an enquiry and we’ll set up a free, no-obligation chat between you and a high net worth mortgage broker today.

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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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