As a Guilford mortgage broker, we’ve become accustomed to securing high value mortgages for our clients. After all, Surrey is renowned for being one of the most affluent counties in the UK.
Yet, getting a £1m mortgage (or getting a mortgage for over £1,000,000) has traditionally been a challenge for mortgage brokers and their clients to overcome.
We’re pleased to say that Complete Mortgages can access £1m+ mortgages, as we work with lenders that place no caps on the borrowable amount. However, there are still some things to consider.
If you’re looking for a mortgage in excess of £1m, then here’s what you need to think about.
1. Specialist mortgage broker
Many lenders are not going to be able to offer you a £1m mortgage. Generally speaking, the limits usually kick in around £750,000 – £1,000,000.
At that point, the pool of mortgage lenders begins to shrink. Even the smaller panel of lenders that do offer mortgages above this value start to become ‘pickier’, and are likely to scrutinise income and assets in more detail, require professional valuations of assets and request a larger deposit.
However, it’s not unachievable – you just need the right mortgage broker. As a specialist mortgage broker in Surrey with access to high value mortgage lenders and experience of getting high value mortgages for our clients, we can guide you through the process step-by-step.
2. Gather the evidence
It’s well-known that lenders generally need to see three months’ worth of accounts and salary slips when people apply for a mortgage. When it comes to mortgages of £1m+, lenders tend to adopt a more forensic approach to income and assets.
If you are planning on meeting one of our Guildford mortgage advisers to discuss applying for a high value mortgage, we recommend that you collate the paperwork required to outline your financial position in advance.
This is likely to include salary, bonuses and dividends, rental property income and any investment portfolios. International assets are also included in the financial assessment, too, so it’s important that these are also documented.
3. Think about the future
For most people, property is their biggest investment. This doesn’t change the higher up the value chain you go, but what buying a high value property with a large mortgage does do is shine a light on the wider implications around financial planning.
If you are considering applying for a high value mortgage, then it might also be time to speak with a financial adviser to cover key things such as tax planning, estate planning and any inheritance considerations.
Our view is that it’s worth doing in tandem with the mortgage application. Not only does it mean that you can cover off everything in one sitting, but it also shows the lender that that you’re looking at the bigger picture, which may be viewed favourably.
Complete Mortgages’ view
Our connection with lenders that offer high value mortgages is what sets us apart.
We know what lenders require at the point of a high value mortgage application, we’re adept at uncovering our clients’ financial background in a way that supports the application, and we prioritise finding mortgages that suit an applicant’s broader lifestyle – we don’t just approach high value mortgage applications in isolation.
So, if you’re ready to apply for a high value mortgage and need holistic advice, then get in touch with our team of Surrey specialist mortgage brokers.
Looking for advice on high value mortgages?
Call our team of Surrey mortgage brokers on 01483 238280 or e-mail info@complete-mortgages.co.uk to arrange an initial consultation.
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