Why Million-Pound Mortgages Are Easier to Get Than You Think
The idea of taking out a million-pound mortgage may be daunting. There is often an assumption that borrowing at this level in the UK is reserved for a very small elite and requires extraordinary wealth. In reality, the picture is far more nuanced, and high-value loans are often more accessible than you might imagine. They may receive more scrutiny from lenders, but arranging a mortgage of over £1M for your dream property is certainly achievable these days.
When lenders assess a large mortgage application, they focus less on the headline figure. Loan size is considered, of course, but it is also reviewed alongside income quality, deposit strength, the borrower’s overall financial profile and the property itself. With proper preparation, arranging a high-value mortgage can be surprisingly hassle-free.
A Million-Pound Mortgage Is Within Reach
Mortgages over a million are generally not simple extensions of standard residential products. To gain one, it’s useful to understand how high-value loans differ from more traditional offers. Most major banks, for example, operate dedicated large-loan or high-net-worth underwriting teams. Specialist lenders and private banks often have applicable products too. These alternative lenders often have differing priorities and assessment criteria from their more high-street counterparts.
These teams are accustomed to assessing complex income, bonuses, high-value properties, and non-standard financial arrangements, rather than relying solely on automated affordability models, checklists, fixed formulas, and so on. Applications are often assessed manually, allowing greater flexibility around how income and assets are interpreted.
What Lenders Care About
While the headline loan size figure of a £1M mortgage may attract attention, lenders focus on a relatively consistent set of fundamentals when assessing them. They, understandably, tend to be more risk-averse, but the news isn’t all bad. Lenders care about sustainable income over time, the loan-to-value rate, a borrower’s credit history and the property itself.
Income Quality & Consistency
The source and sustainability of a prospective borrower's income can matter more than the absolute value when it comes to million-pound mortgages.
Lenders typically assess basic salary alongside variable elements such as bonuses, commissions, or dividends, with an emphasis on track record, consistency and stability. For employed borrowers, long service over time and seniority within a profession are key. For business owners, retained profits, dividend history, and the underlying business strength are usually closely reviewed and scrutinised. Lenders want to see potential ongoing success.
Where income is complex, formed of a mixed profile of earnings and investments, including other properties, it often pays to choose a specialist lender comfortable with structuring individual mortgages to meet novel circumstances. Getting the right advice in these cases can make a substantial difference to borrowing capacity.
Deposit Size & Loan-To-Value
The amount of cash you can bring to the table and the amount you need to borrow, expressed as a percentage of the property value, are key considerations for any lender. Loan-to-value (LTV) rate plays a critical role in all mortgages, but it is particularly important in high-value lending. Most £1m mortgages are arranged at lower LTVs than elsewhere in the market.
As a result, bringing more capital to the table in the form of a more substantial deposit not only improves approval chances, it could also help you find more competitive rates and access a broader pool of lenders. The right financial advice can help you take advantage of the right loan offer for your circumstances.
Credit History and Existing Commitments
We tend to assume that a borrower’s credit score comes into play at the lower end of the market, but this attitude is unhelpful and misleading. For high earners, a strong credit profile matters, too. Lenders at the top end of the market review credit history for missed payments, excessive unsecured borrowing, or patterns that suggest overextension. Existing commitments such as school fees, other mortgages, or maintenance payments are also factored into affordability. Transparency is essential, as undisclosed obligations and issues that come to light during underwriting can not only cause delay and additional expense, but they can also derail the application process altogether.
Property Type
At higher price points, features of the property itself become part of the lender’s risk assessment. Standard construction properties in prime condition in established locations are generally straightforward. More unusual properties, such as historic buildings, listed properties, complex new-builds, apartments in shared blocks, mixed-use developments, and conversions, are likely to come under additional lender scrutiny. It is always worth getting expert, third-party, independent property advice so you can address any mortgage provider's concerns, should they arise, with strong evidence.
Your chosen property type may significantly narrow your lender choices. This isn’t necessarily bad news. Dealing with specialist mortgage providers, such as those with specific interests in historic properties, can save time, effort, and resources. An experienced high-value mortgage specialist should be able to help you navigate the process with a minimal amount of fuss.
Common Scenarios We See With £1m+ Borrowing
While every high-value mortgage case is unique, there are several recurring scenarios in which million-pound borrowing is not only achievable but also relatively straightforward.
The first example is a senior City professional purchasing a modern residential property. If this borrower has a strong, stable basic salary and a clear employment track record, a million-pound mortgage shouldn’t be out of the question. Provided income is easily evidenced and credit history is clean, these cases are often among the simplest to arrange.
Imagine, for our second example, a business owner or entrepreneur with ambitions for a million-pound property, but an irregular or fluctuating income. In these cases, headline earnings may be substantial, but income is drawn through a mix of sources. In these cases, a million-pound mortgage may require more creative financial structuring, but shouldn’t be out of reach.
The third scenario is a high-value earner purchasing a distinctive property that falls outside mainstream lending criteria. Here, the solution often lies with specialist lenders who will focus on the property’s long-term value and the overall structure of the loan, rather than relying solely on standard lending criteria.
If you’re in the market for a one million pound mortgage, it pays to look at your scenario from a lender’s perspective. Where do you fit in? What type of mortgage suits your circumstances? If you’re not sure, rest assured, the team at Anderson Harris can help.
Interest-Only, Offset, And Other Mortgage Structures
At the million-pound level, mortgage structure is often as important as the loan size itself. There are many ways to arrange lending for a high-value property. Interest-only borrowing, for example, is more common in this part of the market than many potential customers expect. Lenders may assess a borrower’s investments, business assets, pension planning, or future liquidity as part of an interest-only product, provided the overall risk profile is sound.
Offset mortgages are another popular option for high earners, especially if they have significant reserves. Linking a high-value mortgage to available cash can be an attractive solution for some. Part interest-only, part repayment million-pound mortgages are often available, as are stepped or flexible repayment profiles, and broader bespoke options linked to investment portfolios, multiple properties, and wider wealth management practices.
The more complex a one-million-pound mortgage becomes, the more important it is to get independent advice from someone you trust.
How To Improve Your Chances Before You Apply For A £1m Mortgage
Securing a million-pound mortgage is rarely about a single factor. Success usually comes from careful preparation and presenting a clear, well-structured application. We’ve shared some top tips below.
Seek Expert Advice Early
Engage a specialist adviser before you begin your property search. Early advice helps all subsequent activities run smoothly and helps you avoid common pitfalls and unnecessary setbacks.
Prepare A Strong Case
Ensure all income evidence is ready to support your million-pound mortgage. Poor or missing details can cause delay or even derail the application. It is vital to have a clear understanding of ongoing obligations and other debts, and to check your credit report. Addressing concerns early can prevent unwelcome discoveries.
Choose The Right Loan Structure
Understand what deposit you are contributing and where the funds originate. A lower loan-to-value typically unlocks more choice. It pays to consider whether repayment, interest-only, offset, or hybrid structures best suit your requirements before engaging with lenders.
If all this sounds challenging, don’t worry. Independent, specialist advice and expertise are easy to arrange.
Speak To A Specialist Adviser
It needn’t feel intimidating to arrange a million-pound mortgage. High-value loans are more accessible than ever. Navigating the available options, however, does require thought and planning. Even the smallest decision can significantly impact borrowing capacity, structure, and long-term costs.
Anderson Harris specialises in high-value and million-pound mortgages for City professionals, business owners, and borrowers with complex needs. We can advise on lender strategy, structure, and timing throughout the mortgage process.
If you are considering a £1m+ purchase or remortgage, need help with a bonus-income mortgage, or are looking for the right private-banking mortgage, contact us today.
FAQs
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A £1M mortgage can be more straightforward than most people expect. Our clients often find that million-pound borrowing is well within reach once they have discovered the right borrowing strategy for their circumstances
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The required income will depend on your circumstances, interest rates, lender criteria, and more. If you are considering a high-value loan, it always pays to get professional advice.
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While it is true that a larger deposit generally improves your chances of successfully high-value borrowing, there are few hard and fast rules. Lower deposits can be possible in certain circumstances.
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Yes, many lenders, including specialist lenders and private banks, accept bonuses, commissions, and dividend income as part of their affordability assessment. Getting advice from brokers with experience of irregular income can help maximise borrowing potential.
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Interest-only borrowing is more common at this level than many borrowers realise. Suitability is assessed carefully, and advice is essential to ensure your long-term plans are protected.
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In most cases, yes. High-value borrowing involves more nuanced lending criteria and a wider range of products than the standard residential mortgage market.
