Can I get an interest only million pound mortgage on a UK property?

30-May-2017 16:35
in Private clients
by Jennifer Stevenson

Large mortgages of a million pounds or more are increasingly required to buy desirable property in London and other popular locations in the UK. 

With increases in property prices over the last few years there are an increasing number of lenders who offer mortgages over a million pounds. As well as specialist high street division lending departments private banks specialise in these kinds of large mortgages often providing flexible criteria for lending.

If you have sufficient income or assets, it is perfectly possible to get an interest-only million pound mortgage on a UK property.

Below we explain what you are likely to need in terms of income, assets and other factors to qualify.

2 Year Tracker

Up to £2m

5.39% APR

2 Year Tracker

Subsequent rate 8.74%

LTV - 60%

APRC 8.4%*

Product Fee £999

Free valuation

No Early Redemption Charges

As of 20th September 2023

5 Year Fixed

Up to £1m

4.97% APR

5 Year Fixed

Subsequent rate 9.24%

LTV - 60%

APRC 7.60%*

Product Fee £1,295

Free valuation

Early Redemption Charges - Yes

As of 20th September 2023

10 Year Fixed

Up to £750k

5.04% APR

10 Year Fixed

Subsequent rate 7.99%

LTV - 85%

APRC 6.1%*

Product Fee £999

Free Valuation

Early Redemption Charges - Yes

As of 20th September 2023

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*Overall Cost For Comparison

How to get a million pound mortgage

Using a specialist whole of market mortgage broker is good practice. A broker based on your circumstances will be able to match you with the right lender. 

Whether a high street bank or private bank is the right option will depend on your requirements and your personal wealth and income arrangements.

The lowest rates are often available through high street banks whilst the greatest flexibility is often found with private banks. Private banks are less likely to be put off by common issues experienced by high net worth individuals e.g. complex income streams, non UK residency and income paid in a foreign currency. 

For a private bank mortgage as a general rule, you are likely to need an income in excess of £300,000 per year, or net assets of £3million, to qualify for a £1million mortgage, although the exact criteria will entirely depend on the lender and your personal circumstances. If you can provide a 25% deposit, you are likely to find it much easier to borrow at this level.

If you are looking for a buy-to-let mortgage, the lender is likely to want the monthly rental income to exceed the mortgage payments.

However, private lenders may also be willing to take your other income into account, meaning you can often borrow more than would otherwise be the case.

A good broker will be able to determine the best route for your finance needs.

Getting an interest-only large mortgage as a non-UK resident

One of the big plus points of borrowing from a private bank is that they are open to lending to expats and foreign nationals.

Both British ex-pats and foreign nationals living abroad can usually qualify for interest-only mortgages of a million pounds or more as long as they meet set lending criteria.

Find an interest-only million pound mortgage for UK property

Clifton Private Finance regularly works with clients to find large mortgages for multi-million pound properties.

We have a wide range of contacts with high street and private lenders, meaning we can help find you the finance you need.

Looking for the best rates on an interest-only million pound mortgage in the UK? Call us today on 0203 880 8890 or use our simple contact form to get in touch.

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