Large mortgages can sometimes pose problems for borrowers but there are options available via specialist brokers that can’t be found on the high street.
Many high street mortgage lenders have a maximum loan amount and in many cases this is £500,000 with some slightly more generous lenders limiting their maximum to £1 million.
So what can be done if the mortgage is over £1,000,000?
Finding lenders that will provide mortgages of £500,000 or above can be tricky but if you know where to look there are offers out there and some pretty good ones too (often better then mainstream residential mortgage offers).
The results available from online comparison websites can easily mislead a borrower into thinking a certain offer is available only to discover the lender will not lend the amount required.
In this instance being able to compare mortgages online could make the process take longer than is necessary.
There are choices:
Trying to find out which lenders to approach for a mortgage over £1 Million can be a time consuming process so it makes sense to speak with an independent adviser with access to the ‘whole of market’ and knowledge in this field.
Some lenders will have specialist ‘large loan’ teams to cater specifically for bigger mortgages and high net worth clients.
Having a separate team for borrowers in need of £1million or above means the cases can be looked at more quickly and dealt with on a more personal level.
There are also specialist lenders who offer very competitive rates for borrowers with large mortgages in excess of £1 Million and in some cases, £1 Million is the minimum mortgage they will consider.
Specialist lenders who are not bound by the same criteria as bigger banks are also able to cater for individuals who don’t always fit the preferred model.
With the right help, the process can be very straightforward.