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Million Pound Mortgage

Service for large mortgage loans

Million Pound Mortgage Service »

Miliion Pound Mortgages by Clifton Private Finance, Specialist Mortgage Broker

We work with select high street and private banks that will look at your requirement on a bespoke basis.

Our service provides:

Watch our short video below to learn everything you need to know about offset mortgages

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2 Year Tracker

Up to £5m

4.94% APR

2 Year Tracker

Subsequent rate 6.99%

LTV - 60%

APRC 8.4%*

Product Fee £999

Free standard valuation

Early redemption charges

As of 10th January 2024

5 Year Fixed

Up to £1.5m

3.89% APR

5 Year Fixed (Remortgage)

Subsequent rate 6.25%

LTV - 60%

APRC 6.1%*

Product Fee £999

Early redemption charges

As of 10th January 2024

2 Year Fixed

Up to £1.5m

4.44% APR

2 Year Fixed (Remortgage)

Subsequent rate 6.25%

LTV - 60%

APRC 6.1%*

Product Fee £999

Early redemption charges

As of 10th January 2024

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*Overall Cost For Comparison

Latest Case Studies

Call our large mortgage loan team on 0203 900 4322 to discuss your requirements or book a call back at a time that suits you.

Is It Hard To Get a Million Pound Mortgage?

Yes, for the average person in the UK, getting a million pound mortgage is hard. The rule of thumb when getting a mortgage is generally that you can borrow around 4.5x your annual income, so you’ll need a household income of over £200,000 to be eligible for a million pound mortgage.

This could be on a single income, or a combination of you and your spouse or partner’s salaries, but either way, it is a substantial income.

However, some professionals (doctors, lawyers can borrow as much as 5 times or even 6 times their mortgage. And if you have significant assets or substantial bonus/commission payments, you could be eligible for a high net worth mortgage with a private lender.

Private lender mortgages are typically more flexible than high street mortgages and can offer more favourable deals, but they will only want to work with specific cases and will typically want to build a long-term relationship managing your wealth across the board.

How Much Deposit Do I Need for a Million-Pound Property?

When purchasing a million-pound property in the UK, aiming for a deposit of at least 10% of the property's value (£100,000) is essential. However, many lenders prefer a larger deposit, such as 20% or even 25%, to offer you better mortgage rates and terms.

To secure a favourable mortgage deal, consider aiming for a deposit of £200,000 to £250,000. This substantial deposit not only enhances your chances of mortgage approval but also reduces the overall loan amount, potentially leading to lower monthly repayments and interest costs over the life of the mortgage.

Providing a larger deposit means you're more likely to have attractive mortgage terms, but it's not strictly necessary.

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Will Mortgage Lenders Accept Income Paid in a Foreign Currency?

Getting a mortgage in the UK with income paid in a foreign currency is achievable, but it is a bit more complex than applying for a high value mortgage in Pound Sterling income.

Lenders will take into account exchange rate fluctuations on your income, often using a conservative exchange rate to ensure stability over time. You'll need to provide thorough documentation of your foreign income, including payslips, bank statements, and tax returns. This helps lenders understand your financial situation better.

Some lenders may prefer certain currencies. Major currencies like USD, EUR, and GBP are more likely to be accepted, making your application smoother. While not all lenders work with foreign currency income, you can approach specialist lenders who have experience with international clients and are ready to assist you.

To mitigate perceived risk, lenders may require a higher deposit (lower LTV ratio) for applicants with foreign income. This helps secure your loan application.

It's worth consulting a mortgage broker who has experience with international income mortgages. They can help you identify suitable lenders and guide you through the application process effectively.

million pound mortgage

Do Mortgage Lenders Accept Income From Commission and Bonuses?

Yes, mortgage lenders do accept income from commission and bonuses, but they typically scrutinise these sources of income more closely than regular salary. Lenders prefer stable and predictable income, so they may require a track record of earning commissions and bonuses over two to three years to ensure consistency.

They will usually average the income from these variable sources over the specified period to determine an acceptable figure for mortgage calculations. Additionally, lenders may apply a "haircut" to commission and bonus income, considering only a percentage of it to account for its variable nature.

Documentation, such as detailed payslips and tax returns, will be necessary to verify this income. Working with a mortgage broker can help identify lenders who are more flexible and experienced in considering commission and bonus income.

What Are the Monthly Payments on a £1 Million Mortgage?

The answer will vary dpeending on your mortgage and individual circumstances, but assuming you have a 25-year term with a fixed interest rate of 4%, the monthly repayments would be approximately £5,278. If the interest rate is higher or the term shorter, the monthly repayments would increase. Conversely, a lower interest rate or a longer term would reduce the monthly payments.

It’s essential to shop around for the best mortgage deals and consider speaking with a mortgage broker to understand the options and find a rate and term that suits your financial situation.

Can I Afford a Million Pound House?

Use our free million pound mortgage calculator to see how much your property finance could cost.

million pound mortgage


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How Much Stamp Duty Do You Have To Pay on a £1 Million Pound House?

As of 2024, the stamp duty on a £1 million house in the UK is calculated using a tiered system. For a primary residence, the stamp duty rates are 0% on the first £250,000, 5% on the portion from £250,001 to £925,000, and 10% on the portion from £925,001 to £1.5 million.

For a £1 million house, this results in £0 for the first £250,000, £33,750 for the next £675,000, and £7,500 for the remaining £75,000. The total stamp duty payable would be £41,250. If the property is an additional home or a buy-to-let, an additional 3% surcharge applies to each tier, resulting in higher stamp duty costs.

million pound mortgage

Is It Worth Getting a Mortgage With a Private Lender?

If you’re a high net worth individual who could benefit from the unique advantages offered by private lenders, it’s certainly possible that you may find mortgage deals with traditional lenders less favourable than an option with a suitable private bank.

Some of these advantages include:

Flexible Approval Criteria - Private lenders often have more lenient requirements compared to traditional banks, making it easier for individuals with poor credit, irregular income, or unique financial situations to qualify.

Faster Approval Process - Private lenders typically have a quicker and less bureaucratic approval process, allowing for faster access to funds, which can be crucial in competitive real estate markets or urgent financial situations.

Customised Loan Terms - Borrowers can often negotiate more personalized terms with private lenders, such as interest rates, repayment schedules, and loan structures, tailored to their specific needs and circumstances.

Accessibility for Self-Employed Individuals - Private lenders may be more accommodating to self-employed individuals or those with non-traditional income sources who might struggle to meet the strict documentation requirements of traditional banks.

Investment Opportunities - For real estate investors, private mortgages can offer the necessary capital for property investments, including fix-and-flip projects or rental properties, where traditional financing might not be available or practical.

Less Stringent Property Requirements - Private lenders might be more willing to finance properties that do not meet the strict standards of conventional lenders, such as fixer-uppers or non-standard properties.

There are some cases, where, despite significant wealth, income or assets, you might find that high street banks won’t offer you a favourable deal if your income structure or circumstances have a level of complexity.

In many cases, this is simply because high street banks are designed to process specific income types and if you situation is different, despite being in a position to afford a mortgage, these banks won’t necessarily have the facilities to recognise this.

A private lender will be able to take a more holistic approach to your wealth, and can get a clearer overview of your circumstances, offering you a product tailored to your unique financial situation.

million pound mortgage

Can I Get a Million Pound Mortgage if I Live Overseas?

You can absolutely obtain a million-pound mortgage in the UK even if you live abroad. Many UK lenders offer expatriate mortgages specifically designed for British citizens and foreign nationals living overseas.

By demonstrating a stable and substantial income, providing a significant deposit (often 25% or more), and maintaining a good credit history, you can meet the necessary criteria. These mortgages can be used for investment purposes or as a second home, giving you flexibility.

Working with a mortgage broker who specialises in international lending can make the process smoother, helping you navigate specific requirements and find great deals. Embrace this opportunity to invest in property in the UK while enjoying life abroad.

How Do I Secure a Large Mortgage Over a Million Pounds?

Whether you are refinancing or buying a new property for residential or investment purposes, a lender's criteria will depend on several factors.

If you have a standard employed income that supports repayments, that opens up a large range of lenders.

More complex income, e.g. where you are self-employed or where income comes from more than one source, e.g. foreign income or company retained earnings, may require a different approach.

Many lenders are comfortable structuring a large loan mortgage over £1 million where a high percentage of overall income is made up of bonuses and dividends - lenders will typically look at your requirements on a case by case basis.

As well as existing properties, other assets such as personal pensions and listed security investment portfolios can be taken into account when determining the level of finance you can access.

Contact us to discuss your requirements on 0203 900 4322 or book a call-back at a time that suits you.

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If you have any questions about our services or want to start making things happen please contact us