£6 Million Mortgage: Monthly Repayments & Income Requirements
£6,000,000 Mortgage: Monthly Repayments & Income Requirements
Can you get a £6 million mortgage?
Yes, it is possible, provided you meet the mortgage affordability checks and eligibility criteria for a £6 million mortgage.
Trinity Financial has access to high-street lenders and private banks keen to issue larger mortgage loans, especially to higher earners. They want to lend to wealthier borrowers who can demonstrate their income by providing payslips, proof of their bonus income, or their company accounts.
£6 Million Mortgage Requirements
Secure a £6 million mortgage to purchase a prime property with expert guidance from Trinity Financial.
To qualify for a £6 million mortgage, you typically need a deposit of at least 40% of the purchase price, though some lenders and private banks may require a 10% or 15% deposit. A single or joint income of at least £1,500,000 is usually required.
When writing this article, the estimated monthly repayments for a £6 million mortgage are around £21,250 on interest-only or £29,516.39 on capital repayment. This calculation is based on a 4.25% interest rate, a 30-year term, and a capital repayment structure, provided applicants have a 40% deposit.
This guide outlines expected repayments, income requirements, and other key factors affecting larger mortgage loan costs.
How many lenders offer £6 million mortgages and what are the rates?
Mortgage lenders are still offering sub-4% fixed rates to borrowers looking to raise £6 million to buy a property.
A surprising number of mortgage lenders offer larger mortgage loans, including many of the high-street banks and building societies. HSBC for Intermediaries, Halifax for Intermediaries, Barclays and NatWest typically offer competitively priced larger mortgages. Private banks like Coutts and Investec also want to issue larger mortgages.
Many lenders offering larger mortgage loans charge a small premium or no premium for these rates. For example, NatWest for Intermediares offers low two and five-year fixes to borrowers looking to raise up to £10 million.
How much does a £6 million mortgage cost per month?
Lenders work out mortgage affordability based on income and expenditures, applying a multiple of earnings to assess borrowing capacity. They use the same calculations if you borrow £60,000 or £6 million. Since criteria vary across lenders, some may offer more flexibility than others, particularly for high-value loans, especially if you have another asset like a property portfolio, trusts or investment portfiolios.
Most lenders base affordability on salaried income, typically allowing borrowing up to four times annual earnings. This may sometimes extend to 5.5 times income or even six times. A portion of annual bonuses may also be considered, though rarely in full unless through specialist providers. Additionally, lenders assess fixed expenses such as childcare, private school fees, cars on finance, gym memberships and credit cards or loans through a process known as ‘stress-testing.’
If you had a 25% deposit, the monthly repayments on a £6 million interest-only mortgage would be approximately £22,500, increasing to £30,401.12 on a full capital repayment mortgage over a 30-year term. This is based on a rate of 4.5%.
Deposit Requirements for a £6 Million Mortgage
Lenders generally require a deposit between 10% and 20% of the property value, but for larger loans, lenders may be more cautious. The loan-to-value (LTV) ratio plays a crucial role—lower LTVs reduce lender risk and result in lower repayments. The most competitively priced rates are for borrowers with a 40% deposit.
Many high-street lenders enforce income caps for high-value loans, typically limiting lending to 75-80% LTV for mortgages above £1 million. This means that, depending on the lender, you may need a minimum deposit of 10% to secure finance.
However, if you meet the necessary criteria and present a strong application with minimal risk factors (such as a good credit history and large income), you may still secure a £6 million mortgage with standard deposit requirements similar to those for conventional residential loans.
What documents will I need for a larger mortgage loan?
It reall deepened on what you do for a living and whether you are employed or self employed. Gathering all the necessary paperwork for your application: Trinity Financial's brokers will be able to guide you through the mortgage application process and all the typical documents required.
This is likely to include proof of income, at least three months of bank statements, company accounts, list of assets including other properties owned. Personal ID, proof of address, evidence of deposit, latest P60 form, etc.
It is well worth checking your credit history before applying to ensure there are no issues or any inaccurate or outdated information that could hinder your chances of securing the mortgage you need. We constantly see clients have CCJs because of unpaid parking charges and late credit card payments.
How much do I need to earn to borrow £6 million?
Here is a table to show how much you may be able to borrow depending on your salary:
|
Total earnings |
4.5x salary | 5x salary | 5.5x salary |
|---|---|---|---|
| £975,000 | £4,387,500 | £4,875,000 | £5,362,500 |
| £1,000,000 | £4,500,000 | £5,000,000 | £5,500,000 |
| £1,100,000 | £4,950,000 | £5,500,000 | £6,050,000 |
| £1,200,000 | £5,400,000 | £6,000,000 | £6,600,000 |
| £1,300,000 | £5,850,000 | £6,500,000 | £7,150,000 |
| £1,400,000 | £6,300,000 | £7,000,000 | £7,700,000 |
Call Trinity Financial on 020 7016 0790 to secure a £4 million mortgage, submit a questionnaire or book a consultation
The information contained within was correct at the time of publication but is subject to change.
Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage
It is all down to price. While many wealthier clients like having a relationship with private banks, they are often paying for the privilege.
High street lenders worked out some time ago that issuing larger mortgage loans does not have to be a complex process. By targeting clients looking for £1 million+ mortgages, they could issue one mortgage or ten smaller £100,000 mortgages. Often, the same level of work goes into getting smaller and larger mortgages agreed.
Bigger lenders like HSBC, Barclays, Santander, Halifax, and TSB are all keen to issue larger loans, and they often offer enticing rates to tempt wealthier clients. Smaller building societies also offer surprisingly large mortgage loans.
• You can contact one of our consultants by calling 020 7016 0790, or complete our basic enquiry form or mortgage questionnaire for a more detailed initial response.
• You tell us what you are looking for and the property type you want to buy. We assess your mortgage and financial protection needs based on your monthly budget.
• We collect the information and documentation that the lenders and providers need.
• Based on the information supplied, we provide you with illustrations of the most suitable products for your circumstances.
• We then apply on your behalf to secure a mortgage offer as quickly as possible. This is once you have confirmed you are happy to proceed.
• We manage the application through to completion and liaise with all involved parties, including valuers, estate agents, and solicitors.
• Post-completion, we are available for any questions. When you reach the end of your initial product, we can also discuss any further mortgage, will or financial protection product requirements.
As part of our ongoing service commitment, we will contact you at least five months prior to your fixed or tracker rate expiring to ensure you avoid reverting to an expensive standard variable rate.
Yes, Trinity Financial works with many international clients.
Regardless of whether you are a UK resident, we can help source the best mortgage terms for a £5 million or £10 million mortgage. Whether you live in the Middle East, America, Monaco or Hong Kong – we can help.
Some lenders require overseas borrowers to have a larger deposit than UK residents. They may also require earning more money and having a relevant visa. They will want to understand if the property will be let and how often it will be used.
At Trinity Financial, we constantly monitor the £1 million+ mortgage market. Click here to view our £1 million mortgage table, which highlights the pick of the large loan rates.
https://www.trinityfinancialgroup.co.uk/mortgage-tools/million-pound-mortgage-best-buys/
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