Do all banks and building societies offer £1 million mortgages?
Tags: Interest-only mortgages, Large mortgage loans, Private banks, Residential mortgages
Quick Summary
There are lots of banks and building societies in the UK that offer mortgages of £1 million or more, reflecting growing demand for high-value borrowing. These lenders range from major high-street banks such as HSBC, Barclays, Santander, Halifax, NatWest, and Nationwide to specialist private banks and high-net-worth lenders. Mortgage options vary significantly in rates, deposit requirements, affordability criteria, and maximum loan sizes, with some lenders offering loans up to £10 million. Borrowers typically need a strong income, substantial deposit, excellent credit history, and, in some cases, private banking status to qualify for the most competitive £1 million mortgage deals. When you are borrowing so much money, it makes sense to ensure you secure the most competitively priced rate.
Many of the UK’s major mortgage lenders will issue £1 million mortgages, but not every lender will offer the same loan-to-value ratios, affordability, or repayment options. A realistic answer is that many mainstream banks, building societies, specialist lenders and private banks offer £1 million-plus mortgages. Still, the availability varies as lenders regularly adjust their maximum loan sizes and acceptance criteria. £1 million fixed- and tracker-rate mortgages also vary by lender.
For borrowers with high income, a good deposit and a clean credit history, a £1 million mortgage is often available from high-street lenders. For more complex cases — bonuses, foreign income, retained profits, interest-only, large investment portfolios or property values above £2 million — private banks or the specialist lending departments within the larger banks and building societies may be more suitable.
Nationwide for Intermediaries offers a maximum loan amount of £5 million, depending on product type and restrictions, and provides dedicated support for applications between £750,000 and £5 million. Santander also has a dedicated large loans team for residential loans over £1 million, with maximum LTVs of 85% for loans over £1 million up to £2 million and 75% for mortgages over £2 million up to £3 million.
Do all mortgage lenders offer £1 million mortgages?
Generally, yes. Some smaller lenders cap loan sizes below £1 million, while others offer £1 million loans only at lower loan-to-values or for specific property types. Lenders are usually more cautious with:
| Scenario | Why it may be harder |
|---|---|
| High loan-to-value borrowing | Larger risk to the lender. |
| Interest-only mortgages | Stronger repayment strategy required. |
| Bonus-heavy income | Lenders may use only part of the bonus |
| Self-employed income | More evidence may be needed. |
| Foreign currency income | Exchange-rate risk and lender restrictions may lead to a "haircut" on your income. |
| Flats / new-build flats | Lower LTV caps may apply. |
| Complex property | More detailed valuation checks. |
Trinity Financial's brokers have access to HSBC's High Value Mortgage Service, dedicated to loans over £1 million and Nationwide's large loan team. Coventry recently increased its residential maximum loan size to £3 million in 2025 and to £1.5 million for buy-to-let.
Which lenders offer £1 million mortgages?
Here is a useful overview of lenders commonly considered for larger residential mortgages.
| Lender type | Examples | Useful for |
|---|---|---|
| High-street banks | HSBC, Santander, Barclays, NatWest, Halifax. | Employed borrowers, high income, clean credit. Fixed and tracker mortgages. |
| Building societies | Nationwide, Coventry, Leeds, Skipton. | Flexible criteria, professionals, and larger regional properties. |
| Private banks | Coutts, Investec, Arbuthnot Latham, HSBC Private Bank. | High-net-worth borrowers, complex income, large loans |
| Specialist lenders | Kensington, Hodge, Metro Bank, Shawbrook in some areas. | Complex income, unusual property, non-standard cases. |
| Buy-to-let lenders | BM Solutions, The Mortgage Works, Paragon, Keystone, Fleet. | £1m buy-to-let and portfolio landlord cases |
Which lender has the best £1 million mortgages?
There is no single best lender for a £1 million mortgage. The best lender depends on the borrower’s income, deposits, property type, repayment method, and whether the mortgage is residential, buy-to-let, or interest-only.
Nationwide for Intermediaries, HSBC for Intermediares and Barclays for Intermediaries consistently offer large mortgage loans with competitively priced rates and low arrangement fees. Halifax also offers low rates and has award-winning service.
For example:
| Borrower profile | Lender route likely to work best |
|---|---|
| Salaried borrower with 25% deposit | High-street bank. |
| High earner wanting interest-only | Mainstream lender or private bank. |
| Business owner using retained profits | Specialist lender or private bank. |
| Banker using bonus income | High-street lender with a generous bonus policy. |
| Foreign income applicant | International bank or specialist lender. |
| £1m-plus buy-to-let | Sometimes via specialist BTL lenders. |
| £2m-plus property purchase | Large loan teams or private bank. |
For some borrowers, the lender with the lowest rate may not be the best option if the affordability calculation is too restrictive. A lender offering a slightly higher rate but a larger loan, better income treatment or interest-only flexibility can be more useful.
How much of a deposit do you need for a £1 million mortgage?
Deposit requirements vary, and the absolute minimum is 5% through a limited number of lenders. As a general guide:
| Loan-to-value | Property value needed for £1m mortgage | Deposit/equity |
|---|---|---|
| 90% LTV | £1,111,111 | £111,111 |
| 85% LTV | £1,176,470 | £176,470 |
| 80% LTV | £1,250,000 | £250,000 |
| 75% LTV | £1,333,333 | £333,333 |
| 60% LTV | £1,666,667 | £666,667 |
Some lenders will consider £1 million loans at high LTVs, but many become more selective once the mortgage is over £1 million. Santander, for example, states that loans over £1 million and up to £2 million are available up to 85% LTV, while loans over £2 million and up to £3 million are available up to 75% LTV.
How much income do you need for a £1 million mortgage?
A £1 million mortgage usually requires substantial income. The amount depends on the lender’s affordability model, outgoings, debts, dependants, mortgage term, rate and repayment type.
Approximate income examples:
| Income multiple | Approximate income needed for £1m mortgage |
|---|---|
| 4.5 times income | £222,222 |
| 5 times income | £200,000 |
| 5.5 times income | £181,818 |
| 6 times income | £166,667 |
| 6.5 times income | £153,846 |
Some lenders now offer higher income multiples for stronger applicants. Recent reporting has highlighted that several large lenders have loosened income multiple rules, with some offering up to around six times income for eligible borrowers.
Can you get a £1 million interest-only mortgage?
Yes, but the criteria are stricter. High-net-worth clients often prefer interest-only, either to invest funds elsewhere or because they have an alternative mortgage repayment vehicle.
| Requirement | What lenders typically check |
|---|---|
| High income | Often higher minimum income than repayment mortgages. |
| Large deposit | Many lenders cap interest-only at lower LTVs. |
| Repayment strategy | Sale of property, investments, pension, savings or other assets. |
| Property equity | Some lenders require a minimum equity buffer. |
| Strong credit profile | Clean credit is usually important. |
| Plausible exit route | The lender must believe the debt can be repaid. |
Halifax's maximum loan available on interest-only is generally 75% LTV, while part interest-only and part repayment can go up to 85% LTV in some cases. Barclays’ intermediary criteria also reference a maximum 75% LTV for interest-only borrowing.
Are £1 million mortgages harder to get?
Not necessarily, but it depends on the lender, the applicant, and their financial situation. The underwriting may involve:
| Area assessed | Why it matters |
|---|---|
| Income | The lender must prove the loan is affordable |
| Expenditure | School fees, loans, credit cards and childcare can reduce borrowing. |
| Deposit source | Gifted deposits and overseas funds may need extra checks. |
| Property valuation | Large or unusual properties may need a detailed valuation. |
| Bonus/commission | Some lenders use 50%, 60% or 100%, depending on track record. |
| Self-employed accounts | Lenders may average income or use the latest year's figures. |
| Repayment type | Interest-only needs a credible repayment plan. |
Why use a mortgage broker for a £1 million mortgage?
Large mortgages are rarely about rate alone. Borrowers often need a lender that offers the right loan size, structure, and underwriting approach.
A specialist large loan broker, like Trinity Financial, can help with:
| Broker support | Why it helps |
|---|---|
| Comparing maximum loan sizes | Not all lenders offer £1m-plus at the same LTV. |
| Checking affordability | Different lenders assess income very differently. |
| Finding interest-only options | Criteria vary significantly. |
| Using bonus or retained profit | Some lenders are much more generous. |
| Handling private bank options | Useful for HNW and complex borrowers. |
| Pre-submission underwriting | It can reduce the risk of decline. |
Comment from Aaron Strutt, Trinity Financial
“£1 million mortgages are widely available, but they are not all underwritten in the same way. Some lenders are very comfortable with larger loans, while others become more cautious once the mortgage goes above £1 million.
“The key issue is often not whether a lender has a £1 million product, but whether the borrower fits the lender’s affordability model. Income structure, deposit size, property type, bonus history, school fees and repayment method can all make a big difference.
“For higher earners, business owners and borrowers wanting interest-only, it is worth checking both high-street and private bank options. Sometimes the best solution is not the cheapest headline rate, but the lender that can offer the loan size and structure the client actually needs.”
Speak to a Trinity Financial adviser today
The mortgage market moves fast — and the right advice can make a significant difference to the rate and deal you secure. Get in touch with our team to discuss your options.
Call Trinity Financial on 020 7016 0790 to secure a fixed or tracker interest-only mortgage, book a consultation, or use our appointment calendar
The information contained within was correct at the time of publication but is subject to change. It is for general information purposes and is not advice.
Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage
No. But many major banks and building societies do, but some lenders cap loans below £1 million or restrict larger loans at higher loan-to-values.
It may be possible with some lenders, but it is harder. Many lenders prefer larger deposits for £1 million-plus borrowing.
As a broad guide, borrowers may need income between around £150,000 and £225,000, depending on the lender’s income multiple and affordability assessment.
Get started today
Speak to one of our mortgage experts. Book an appointment to come and see us or request one of our experts to call you.
