Million Pound Mortgage
- End-to-end mortgage support
- Fast, transparent application process
- Personalised advice from industry professionals
Get in touch for a no-obligation chat about how we might be able to help you.
What's On This Page?
Get In Touch
1
Step 1
Million Pound Mortgage
Charlie Huxley explains how to get a million pound mortgage.
What is a million pound mortgage and how do I qualify for one?
A million pound mortgage is simply borrowing £1 million pounds to buy a home. To qualify, lenders mainly look at three things: good income, a decent deposit and a clean financial track record.What types of million pound mortgages are borrowers taking?
People taking out million pound mortgages usually go for three main types – repayment, interest-only, or a mix of both, which is part and part. Repayment means you chip away at the loan each month. Interest-only keeps the payments lower, but you pay off the loan later in one go. Some borrowers mix the two, which gives more flexibility, especially for higher earners or business owners with uneven income.What’s the difference between a two-year and five-year fixed-rate repayment on a £1 million mortgage?
A two-year fix gives you a lower rate now, but you’ll need to remortgage sooner which means more fees. There is the potential, though, to get a more competitive rate in two years’ time. A five-year fix gives you longer term stability, so you’ll know exactly what your monthly payments are for longer. Your payments stay the same for five years, so there are no surprises.What is the monthly payment on a million pound mortgage?
The monthly payment will depend on quite a few things, including the interest rate and the type of mortgage. Once you contact us as a broker, we’ll guide you through the most relevant mortgage product for you and outline the costs. It’s difficult to give a monthly payment when we don’t know your circumstances and what you’re looking to do.Can I get an interest-only million pound mortgage?
Yes, but lenders are a little bit stricter about who qualifies, and there are a few income and deposit qualifications to hit. They’ll want to see a clear plan for how you’ll repay the loan, like selling the property or cashing in a bonus or investments. You also need a strong income to cover the monthly interest payments.Can I get a million pound mortgage for a Buy to Let house or property?
Yes, but the rules are a bit different from a normal residential mortgage. Lenders care less about your salary and more about the rent the property can bring in. The rent has to comfortably cover the mortgage payments. You’ll usually need a higher deposit too – often around 25% as a minimum – and the rates can be slightly higher than a standard mortgage. It is possible – you’ll just need a strong rental income and a solid deposit.SPEAK TO AN EXPERT
We won’t only guide clients through the mortgage process but offer long lasting professional relationships for any future needs or advise.
Can I get a million pound mortgage if I have bad credit?
Yes, absolutely, but it is harder. Lenders will look closely at what happened, how long ago it was, and whether things have improved. Some lenders are much more flexible than the big high street banks. You’ll likely need a slightly bigger deposit and strong evidence that you can afford the monthly payments. But bad credit doesn’t rule you out. It just means the right lender matters even more – and that’s where a broker makes a big difference.How does the remortgaging process work on a million pound mortgage?
Remortgaging is simply switching your current mortgage to a new deal, either with your existing lender or a new one. The process is straightforward. You check your current deal and we compare new rates from across the market. We apply, and the new lender pays off the current lender. There’s no moving house or any big hassle. The difference for large loans is that lenders look a bit more closely at your income, as we’ve mentioned previously, but the steps are exactly the same.What fees are there on a million pound mortgage?
On a million pound mortgage, the main fees are pretty simple. They’re the same fees that most borrowers see, just slightly bigger numbers. First, there’s the lender product fee, which can be anywhere from zero to a few thousand pounds. On bigger loans, they’re often towards the higher end. Then you’ve got valuation fees, to cover the cost of the bank checking the property is worth what you’re paying. Finally, there are solicitors’ fees, if you’re buying. Because it’s a large loan, it’s slightly more complex and there may be a more comprehensive solicitor fee. But by and large, it’s very similar to a normal mortgage.Do mortgage lenders accept income from commission and bonuses?
Yes, lenders do accept income from commission and bonuses, but they won’t always take 100% of it. Most will look at your track record over the last one to three years and use an average of that, to keep things realistic. If the commission or bonus is regular and proven, lenders are more comfortable – some will even take 100% of the commission or bonus if you’re in a really strong position.Will mortgage lenders accept income paid in a foreign currency?
Yes, and we actually deal with a lot of these customers. Some lenders can accept income paid in foreign currency, but it varies. Most only accept certain major currencies like dollars or euros, and they’ll usually convert it at a cautious rate to be safe. Other lenders can take all sorts of different currencies into account. We’ve provided mortgages for many clients in this scenario.How can a mortgage broker help here? Is there anything else to consider?
A mortgage broker should make the whole process easier – and often cheaper. We compare the lenders for you, find the deals you won’t see online and handle all the paperwork for you. For big loans like a million pound mortgage, a broker is even more useful. We know which lenders are flexible with bonuses, commission, complex income and higher value properties, and we match you with the one that actually fits your situation. It’s even more important when we get to this level to be looked after by a really good broker.Key Takeaways:
- Qualification for a million pound mortgage relies mainly on having a strong income, a sufficient deposit, and a clean financial history.
- Borrowers typically choose between repayment, interest-only, or a combination of both; interest-only requires a clear strategy for repaying the loan, such as selling the property or utilising investments.
- When choosing a fixed rate, a two-year fix may offer a lower initial rate but means you’ll remortgage sooner and incur more fees, while a five-year fix provides stability with consistent payments over a longer period.
- Some lenders may offer options for applicants with bad credit or those seeking Buy to Let mortgages, although these often require a higher deposit and stronger evidence of affordability or rental income.
- A mortgage broker is particularly valuable for large loans as they can handle paperwork, compare lenders to find deals not available to the public, and find lenders flexible with complex income, such as bonuses, commission, or foreign currency.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.
THE FINANCIAL CONDUCT AUTHORITY DOES NOT REGULATE MOST BUY TO LET MORTGAGES.