Million pound + Mortgages
This is a growing market with many properties priced at over £1m. In Southeast London and the North Kent suburbs, there are many entire streets where the majority of houses are in this price category. When it comes to high-net-worth mortgage advice, we are well-connected.
We love helping our high-net-worth clients with their mortgages. We don’t just have access to the typical lenders; we also deal with Private Banking specialist lenders who purely target this sector and can offer fantastic terms.
Experience tells us that this lending category requires flexibility as many of our clients are City workers benefiting from large bonuses or entrepreneurs with sporadic earnings. We can look at interest-only solutions or options where you can offset more significant savings or lump sum repayments to reduce the mortgage term.
If you are looking to build your bespoke self-build home, we can help you.
Our high-net-worth clients want the stress removed as they have enough pressure in their professional lives! Thankfully, we do this really well. Simply complete the form or call us in confidence, and we can do the rest.
If you want a personalised illustration without any fuss then complete our instant mortgage quote form here
Million pound +
What Makes Us Unique
- We will never charge a broker fee
- Whole of market advice
- Access to exclusive rates often not available on the high street
- Immediate appointments available
- Use us online via Teams or over the phone
- At times which will suit you
- Hassle-free and stress-free
- Completely confidential service
- Happy to deal with Personal Assistants saving you time
As a High-Net-Worth Individual, How Can I Secure a Million-Pound Mortgage?
A lender will want to know that this sort of mortgage advance is affordable and that you have the ability to make repayments over the medium to long term. Therefore, income is essential.
Typically, a lender will accept your UK income which may include basic salary, regular bonuses, dividend income etc. Some of our clients, such as Oil Brokers, are paid in US$, which makes things more complex, and this is where having Private Banking Mortgage solutions will help our clients.
As the mortgage is of a vast amount, Senior Underwriters are likely to have to sign this off; therefore, a decent deposit helps. Whilst lenders may grant 90% LTV mortgages, you will get better rates at 75% or even 60%. This would also increase the probability of getting the mortgage signed off.
To service a £1m mortgage, you will need an income of £200k upwards.
As I Am Borrowing a Significant Amount, Will My Mortgage Interest Rate Be Better?
Realistically, it will be the same as what a lender will offer a borrower looking for half that amount. There is a greater risk for a lender lending one person £1m than four people £250k, so there is no incentive for them to offer reduced rates for this pool of buyers.
I Receive Large Annual Bonuses, Which Are Guaranteed, so I Would Want to Get an Interest-Only Mortgage, Is This Feasible?
Since 2007, mortgage lenders have wanted clients to be on repayment mortgages as it helps reduce everyone’s exposure should there be a property crash; it makes sense!
However, for some borrowers, an Interest-only mortgage makes absolute sense as it keeps regular payments low, and you can ultimately make lump sum payments. Your circumstance could therefore suit interest-only. Most lenders allow an annual overpayment, typically 10%, and in your position, if Interest-Only is the most suited repayment method, we would urge you to make this method of repaying the mortgage over a medium to long term.
Which Lenders Do You Have Access To?
As Independent Mortgage Experts, we deal with the Whole of Market and have access to several Private Banks that can be better geared up for larger loans for the right clients. We have seen a recent increase in sustainable living and, therefore have access to Green mortgages.
What will Stamp Duty cost me?
This is dependent upon your situation. If you are buying a second home, then it will be more. The simplest way to find out is to use our stamp duty calculator. You can get to it here
As a Busy Professional, I Am Time-Poor but Need to Sort My Mortgages. How Will Conran Mortgages Help Me?
The key aspect of what we do is to deal with our clients how they wish to be dealt with. In your position, you want us to handle everything and reduce your time – which is perfectly OK and we are happy to do this. We will require a small amount of information from you, and then we will revert to you at critical stages of the mortgage transaction. We are used working with PAs of MDs and CEOs if this makes life easier for you?
Your goal is a stress-free journey, and this is something we will take great pleasure in dealing with. You can contact us here