Million Pound Mortgage: Expert Advice for High-Value Lending
Million Pound Mortgage
What Is a Million Pound Mortgage?
A million pound mortgage is a high-value loan, which is used to purchase properties that are worth one million pounds or more.
This type of mortgage allows more flexibility with the borrowing amount. It’s different from a standard mortgage as you need an appropriate deposit and earnings to show you can pay the mortgage back.
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Is It Possible to Get a Million Pound Mortgage?
Yes, getting a million pound mortgage is possible; you just need to meet the requirements. Each lender has different criteria, which is why a million pound mortgage broker can help check if you have sufficient income for repayments.
Use our mortgage calculator to see how much you can borrow based on your earnings. You can also read our guide to find out what mortgage you can get.
How Much Do You Need to Earn?
For a mortgage of a million pounds, you’ll need an annual salary of around £225,000, which can be the total of all joint applicants or your own income. Most lenders will lend you between 4 and 6 times your annual income.
What Deposit Do You Need?
For a million pound mortgage you’ll likely need at least 15% – 20% of the property value. This is higher than a traditional mortgage deposit as they are considered higher risk properties. See our mortgage application process to see the steps required to obtain your loan.
Million Pound Mortgage Rates
The interest rates you will pay on a million pound mortgage will depend on several things, including whether it’s repayment or interest-only, the rate and mortgage term. But the average interest rate for million pound mortgages range from around 4.5% to 7.5%+ per annum.
If you choose a repayment mortgage, monthly payments will be higher but interest will be lower. However, interest only deals will require less pay per month but higher interest overall. Learn how mortgage interest rates work in our guide.
Why Use Bell Financial Solutions for a Million Pound Mortgage?
A million pound mortgage broker like Bell Financial Solutions can offer you clear steps and advice throughout the buying process. We understand the emotional and financial pressures and can negotiate with lenders to find your dream, luxury property.
Contact our team to get started on your journey today to discuss your options and get access to lenders that aren’t available on the high street.
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Let’s have a chat about what you need and how we can help.
Still have questions?
Can I Get a Million Pound Mortgage If I'm Self-Employed?
Yes, most individuals who apply for a million pound mortgage are either self-employed or limited company directors.
How Quickly Can I Get a Million Pound Mortgage?
With the right guidance and documentation, a decision can be made in a matter of days. But expect the full process to take around 4-8 weeks, and this can depend on the lender.
Do I Need a Specialist Broker for a Million Pound Mortgage?
An expert million pound mortgage broker isn’t legally required but they do have better access to specialist lenders.
What Is the Stamp Duty for a Million Pound Property?
For a residential property in England that’s a million pounds or more, the standard stamp duty land tax is £43,750. If you’re purchasing a second home or buy-to-let, there will be a 3% surcharge, which would increase the total to £73,750.
We’re all ears.
Let’s have a chat about what you need and how we can help.
