How much does a £1.5 million mortgage cost?
£1,500,000 Mortgage: Monthly Repayments & Income Requirements. Page updated 22 July 2025.
£1.5 Million Mortgage Requirements
Discover how you can secure a £1.5 million mortgage with expert guidance from Trinity Financial.
To qualify for a £1.5 million mortgage, you typically need a deposit of at least 10% of the purchase price; however, some lenders may require a deposit of up to 20%. Additionally, a single or joint income of at least £300,000 is usually required.
At the time of writing this article, the estimated monthly repayments for a £1.5 million mortgage are around £4,785 on interest-only or £6,551.95 on capital repayment. This calculation is based on an interest rate of 4%, a 30-year term, and a capital repayment structure. Providing applicants have a 40% deposit.
In this guide, we outline the expected repayments, income requirements, and other key factors that affect your mortgage costs.
How many lenders offer £1.5 million mortgages?
A surprising number of mortgage lenders offer larger mortgage loans, including many of the high-street banks and building societies. HSBC, Santander, Halifax and NatWest typically offer competitively priced larger mortgages. Private banks like Coutts, Investec, and Barclays also want to issue larger mortgages.
How much does a £1.5 million mortgage cost per month?
Lenders determine mortgage affordability based on income and expenditures, applying a multiple of earnings to assess borrowing capacity. Since criteria vary across lenders, some may offer more flexibility than others, particularly for high-value loans.
Most lenders base affordability on salaried income, typically allowing borrowing up to 4.5 times annual earnings. In some cases, this may extend to 5.5 times income often for first-time buyers and higher earners. 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 £1.5 million interest-only mortgage would be approximately £5,125, increasing to £6,731.89 on a full capital repayment mortgage over a 30-year term. This is based on a rate of 4.1%.
Deposit Requirements for a £1.5 Million Mortgage
Lenders generally require a deposit between 10% and 20% of the property value. The loan-to-value (LTV) ratio plays a crucial role—lower LTVs reduce lender risk and result in lower repayments.
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 financing.
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 £1.5 million mortgage with standard deposit requirements similar to those for conventional residential loans.
How much do you need to earn for a £1.5 Million Mortgage?
Here is a table to show how much you may be able to borrow depending on your salary:
| Single or joint income | 4.5x salary borrowing | 5x salary borrowing | 5.5x salary borrowing |
| £250,000 | £1,125,000 | £1,250,000 | £1,375,000 |
| £290,000 | £1,305,000 | £1,450,000 | £1,595,000 |
| £310,000 | £1,395,000 | £1,550,000 | £1,705,000 |
| £325,000 | £1,462,500 | £1,625,000 | £1,787,500 |
| £330,000 | £1,485,000 | £1,650,000 | £1,815,000 |
| £350,000 | £1,575,000 | £1,750,000 | £1,925,000 |
Call Trinity Financial on 020 7016 0790 to secure a £1.5 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
Barclays for Intermediaries offers a two-year fix at 3.75% for larger mortgage loans between £100,000 and £2 million for borrowers purchasing a property. The overall cost for comparison is 6% APRC. The fixed rate is marginally more expensive for remortgages.
If you borrowed £1 million on the 3.75% two-year fix, the monthly interest-only cost would be £3,125 increasing to £4,631.16 on capital repayment over a 30-year term.
This mortgage is available on either an interest-only or capital repayment basis, and borrowers require a 40% deposit to access the rate. After two years, Nationwide's mortgage will revert to a standard variable rate of 6.24% unless you switch deals, and early repayment charges apply.
Representative example: A capital and interest mortgage of £400,000 payable over 30 years, initially on a fixed rate basis at 3.75% until 30/09/2027 and then on the lender's 6.24% standard variable rate for the remaining 28 years. The 3.75% rate would require 25 monthly repayments of £1,852.46 followed by 335 payments of £2,425.46. The total amount repayable would be £859,970.67. This amount is illustrative and may vary, made up of the loan amount, plus interest £458,840.83) and £899 (product fee), £80 (final repayment charge), £35 (completion fee). The overall cost for comparison is 6% APRC representative.
Contact Trinity Financial on 020 7016 0790 to find out how much your £1 million mortgage would cost.
Another one of the most competitively priced two-year fixes for £2 million mortgages is available through Santander for Intermediaries' large loan team priced at 3.95%.
Wealthier clients with clear credit histories could access £2 million mortgages with monthly repayments of £6,583.33 on interest-only, rising to £9,490.74 on full capital repayment over a 30-year term.
Santander for Intermediaries' 3.95% fixed rate has a £999 arrangement fee and a two per cent early repayment charge in year one, lowering to one per cent in year two. The APRC is 6.7%, and borrowers must put down a 40% deposit to qualify.
The mortgage reverts to the current 6.75% standard variable rate if they do not remortgage or complete a product transfer.
The most competitively priced tracker rates track the Bank of England base rate plus a margin of 0.11%, currently giving pay rates from 4.36%. Borrowers with 35% or 40% deposits can access the most competitively priced tracker rates, although options are still available for borrowers with smaller deposits.
Santander for Intermediaries, Barclays, HSBC and NatWest often provided the lowest tracker rates in the UK. The lowest tracker rates have £999 arrangement fees and some have no early repayment charges.
At least 50 banks and building societies provide interest-only mortgages.
Most of the larger lenders expect borrowers to earn in excess of £75,000 to qualify.
Sometimes the whole mortgage is available on interest-only, or for lower deposit mortgages we regularly arrange for 50% of the mortgage on an interest-only basis and 25% of the loan on capital repayment.
Private banks regularly ask wealthier clients to make bullet repayments and they are linked with their bonuses to bring the loan-to-value down. These repayments are written into the mortgage contract.
If you earn over £250,000 one bank provides full interest-only for those with a 25% deposit.
Smaller lenders are offering interest only to applicants with lower incomes who use the sale of the property as their repayment vehicle.
Remember, you need a plan to repay the mortgage or the outstanding balance will remain the same. Part interest and part capital repayment mortgages are often a better option.
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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