LARGE MORTGAGES LONDON
WHAT IS A LARGE MORTGAGE?
Generally speaking, large mortgages are mortgages of over £1m. Majority of UK high street lenders are lending up to £1m. Some mortgage lenders will lend above this amount, but may restrict the loan to value to 75% or below.
London FS has relationships with high street lenders, specialist lenders and Private Banks, so what ever your requirement we will be able to provide a solution for you.
Typical Clients for a Large Mortgage
Due to the increase in property value especially in the London area, we find that the need for a large mortgage is forever increasing.
From high net worth individuals, home movers to first time buyers getting on the property ladder, – we have a variety of clients who fall into the large mortgage loan bracket.
ELIGIBILITY
As with a standard mortgage for residential property, lending criteria for mortgage lenders will need to be met in terms of income and affordability.
For complex income structures, we have access to specialist lenders and private banks who take a more bespoke and open-minded approach.
You will find that high street lenders will require a large deposit for larger loan sizes. For example if you are purchasing a property worth £3m you may be expected to put a deposit down of £750k. This is a large sum which could be utilised elsewhere. London FS have access to lenders offering competitive and bespoke terms for both UK citizens and international clients with general deposits of 10/15%.
What are the typical rates for a large mortgage loan?
Within this arena your large mortgage will be based on your individual circumstances and be underwritten manually. This means the lender will look at your overall client profile and not just work on your credit score and affordability. Of course you will still need to have provable income and loan sustainability. However Private banks and specialist lenders are more flexible in their approach. They will want to see what other assets you hold, how your income is made up (from trusts, inheritance, self-employed income, offshore income etc). Based on this they will offer you terms.
Generally you will find rates range from 0.99% – 4% (2021). Our mortgage advisors will be at hand form the very start to guide you through the process. From our initial client review we will determine which banks will be best suited for you. This alleviates you speaking to different private bankers and receiving conflicting information.
High Value mortgages on high value properties
Mortgages that go above the £1m mark can many of the time be suited to more bespoke lenders. Just as with a standard mortgage the lender will look at the asset you are thinking of purchasing or refinancing to ensure it is of suitable equity. We normally find our global client base use us when they require our experience and expertise with their mortgage application. We can assist with working out your property value, how your income is structured (we speak to accountants all the time) and package your case to one of the private/specialist lenders.
HOW CAN WE HELP?
We provide creative mortgage advice for HNW clients. We understand complex incomes, we work closely with accountants and surveyors and have been advising in this field since 2003.
Obtaining a large loan is all about working with your mortgage broker / specialist broker and presenting a case for a private bank to look at. To get the right mortgage deal our large loans team will be at hand from the get go. We deal with high street banks, building societies, private banks, challenger banks and specialist lenders to ensure we provide you with a competitive option.
We will carry out a client review and discuss your personal income, if you hold any assets, your current liabilities, your investments and your goals and plans. We will speak with your accountants if needed and provide you with a solid sound board to ask any questions and discuss unique scenarios. From this we will be able to provide you with a solution that suits your particular requirements.
LARGE INTEREST ONLY MORTGAGES?
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