£1 Million Pound House Mortgage (Residential)

The deposit needed for a £1 million pound house mortgage depends on the maximum loan to value each lender offers at that loan size. Some lenders reduce their maximum loan to value on larger loans, so the required deposit can be higher than on a standard mortgage.

Repayments on a £1 million pound mortgage are calculated from the interest rate secured, the term chosen, and the repayment type. Shortening the term increases the monthly payment but reduces total interest, while interest only lowers the monthly cost but leaves the balance to repay at the end.

A million pound mortgage broker is a mortgage adviser who specialises in arranging loans of £1 million or more, with access to mainstream lenders, specialist lenders, and private banks. Whole-of-market brokers compare large loan policies across the market rather than recommending a single lender's range.

The income needed for a million pound mortgage depends on each lender's income multiple and how much of your variable income they will use. Because lenders apply different multiples and treat bonus, commission, and self-employed income differently, the required income varies significantly between lenders.

Yes, first time buyers can get million pound mortgages if their income and deposit meet the lender's large loan criteria. Lenders do not exclude first time buyers from large loans, but they scrutinise the source of the deposit, and gifted deposits from family must be documented and declared.