High Value Mortgages (£1M+)
Once a loan moves into seven figures, the standard high-street mortgage machine tends to run out of road – not because the lending itself is unusual, but because mainstream affordability models and maximum loan sizes simply aren’t built around this end of the market. We arrange high value mortgages for expat clients buying or refinancing UK property from £1 million upward.
Why £1M+ Lending Works Differently
Many mainstream lenders cap loan sizes well below £1 million, or apply the same rigid income-multiple affordability test regardless of loan size – a test that often doesn’t reflect how high earners and wealthy individuals actually structure their finances. Specialist and private bank lenders serving this segment tend to look more broadly: total income across all sources, bonuses and variable pay, investment income, and in some cases overall net worth, rather than a single salary figure run through a standard calculator.
Routes Into £1M+ Lending
Three broad routes tend to come up at this loan size: specialist lenders who simply offer higher maximum loan sizes and more flexible affordability assessment than the high street, private banks operating under the FCA’s high net worth exemption – generally requiring annual income of £300,000+ or net assets of £3,000,000+ excluding your main residence and pension – and, for some expats, structuring the purchase through a company or trust where that genuinely suits the wider financial picture. Which route suits you depends on your income structure, wealth profile, and whether you want a straightforward loan or a wider banking relationship; our Private Bank Mortgages page covers that relationship-based route in more depth.
What Lenders at This Level Actually Look At
- Total income across all sources – salary, bonus, dividends, rental income, investment returns – rather than base salary alone
- The property itself, since high-value properties often need a specialist valuer familiar with the prime and super-prime market rather than a standard residential surveyor
- Source of deposit and, for larger loans, source of wealth more broadly, given the anti-money-laundering checks that scale up with loan size
- Your currency and tax residency position, which affects both the lender pool and how income is assessed
What Income and Deposit This Typically Requires
As a rough guide, mainstream lenders applying a standard 4 to 4.5 times income multiple would expect roughly £220,000-£250,000 in annual income to support a £1 million loan; specialist and private bank desks working on more generous multiples, sometimes 5.5 to 6.5 times income for the right profile, can bring that down to somewhere in the £165,000-£185,000 range. Deposit expectations vary considerably by lender route too – a first conversation with a mainstream high-street lender can sometimes require 25-30%+ at this loan size, while a specialist or private bank desk approached through the right broker may only require 20%, occasionally less, for an otherwise straightforward case. This is exactly why lender choice matters more, not less, once a loan crosses £1 million – the difference between routes on the same case can be substantial.
Foreign Currency Income and the “Haircut”
If your income is paid in a foreign currency, lenders typically apply a discount – often referred to as a “haircut” – to account for exchange rate risk before calculating your borrowing capacity, meaning the multiple is applied to a reduced figure rather than your full foreign currency income converted at the current rate. Most major currencies are considered by at least some lenders in this market, though which specific ones and how generously varies significantly, which is worth checking early if a large part of your income doesn’t arrive in sterling.
Interest-Only at This Level
Interest-only mortgages remain widely available for £1M+ lending, often used deliberately to preserve liquidity rather than tie up capital in repayments – particularly relevant for clients whose wealth sits substantially in investments they’d rather keep invested than draw down to overpay a mortgage. A credible repayment strategy for the capital at the end of the term is still required, and lenders will want to understand what that looks like.
Our Fees
£295 application fee, 1% completion fee.
Frequently Asked Questions
Is there a maximum loan size you can arrange?
There’s no fixed ceiling – loan size is assessed against your specific financial profile and the property itself, with lending arranged well beyond £1 million where circumstances support it.
Do I need to be a high net worth individual under FCA rules to get a £1M+ mortgage?
Not necessarily – some specialist lenders offer higher loan sizes without requiring the FCA high net worth exemption, though it opens up private bank options with more flexible affordability assessment.
Will interest-only be available for a loan this size?
Often yes, provided you can evidence a credible repayment strategy for the capital.
Do high-value properties need a different kind of valuation?
Often yes – a specialist valuer familiar with the prime property market, rather than a standard residential surveyor, tends to give a more accurate assessment.
How thorough are the source-of-funds checks at this level?
More thorough than a standard mortgage – anti-money-laundering requirements scale with loan size, so be prepared to evidence both your deposit and, in some cases, your wider source of wealth.
Get in touch with details of the property and your financial profile, and we’ll identify the right route for lending at this level.
