Large Mortgage: How to get a Million Pound Mortgage

19th July 2019 / in Mortgages / by Gordon Hunter, MD

The notion of a million-pound mortgage will sound different to everyone. For some it’s likely to sound like a target, something to aim for, but for others it will feel intimidating. Securing a large mortgage loan can be a major mission even for those with super earning powers. With the right mortgage broker, you can navigate to the correct outcome.

So you’re now looking for a million pound mortgage or higher for that perfect property. These key three points remains the same:

  • You still need to pass the credit score.
  • You still need to show you can afford it.
  • You still need to have a deposit.

The one thing that can prove to be a limiter with a larger mortgage is the level of deposit needed. It stands to reason that if a lender is to release such a large sum of money, they want a little more security than they would for a smaller mortgage. There is no strict consensus between lenders, but there is a general trend as to the minimum deposit needed to secure a certain loan size.

What deposit do you need?

Rather than look at every lender individually, let’s instead look at the loan you can achieve relative to the deposit that you have:

  • With a 5% deposit, the maximum lending tends to be about £500,000 – £550,000 so it’s not worth thinking about it for the £1 million-plus mortgage.
  • With a 10-15% deposit, there are a handful of mainstream lenders that will go up to the £1 million mark, and one in particular could go as high as £3 million.
  • 20-25% deposit, there are plenty of options beyond £1 million lender here. With more options available there are even better rates.

To summarise then, the million-pound mortgage is attainable with a deposit of just 10% as a minimum, but the rate at that level is going to be high. In an ideal world you would look for at least 15% deposit, with there only being a great spread of lenders beyond £1 million with a 25% deposit.

This is a key factor in obtaining the mortgage, more important than it is with a smaller mortgage, so it’s worth factoring into your thoughts when it comes to looking at the house of your dreams.

Let’s talk it through

On a regular basis we successfully liaise with lenders to secure large mortgage loans for contractors, business owners, self-employed and PAYE employees.

Speak to our expert mortgage advisers about how you could get a large mortgage loan. Freephone 0800 211 8700 now or email us to book an appointment at a time that suits you.

Your property may be repossessed if you do not keep up repayments on your mortgage.

This firm charges a fee of up to £395 for mortgage advice. This fee will depend on your circumstances and will be discussed and agreed with you at the earliest opportunity.

Lifetime Finance Group Limited trading as Super Contractors is an appointment representative of PRIMIS Mortgage Network, a trading name of First Complete Limited which is authorised and regulated by the Financial Conduct Authority.

Download our Ultimate Mortgage Guide


You voluntarily choose to provide personal details to us via this website. Personal information will be treated as confidential by us and held in accordance with the Data Protection Act 2018. You agree that such personal information may be used to provide you with details of services and products by email.

You are now departing from the regulatory site of Super Contractors (Contract Mortgages Ltd). Neither Super Contractors nor First Complete Ltd is responsible for the accuracy of information within the linked site.
Click yes if you are happy to proceed. Click no if you wish to remain on this site.

Call Now ButtonSpeak to us now