NatWest offers 15% deposit mortgages up to £7.5 million – could it beat a private bank?

by Aaron Strutt

May 01 2026

NatWest offers 15% deposit mortgages up to £7.5 million – could it beat a private bank?

Borrowers buying expensive properties with a 15% deposit do not always need to turn to a private bank. NatWest has become a particularly interesting option for larger residential mortgages, with the bank able to consider 85% loan-to-value mortgages from £1 million right up to £7.5 million, subject to affordability, credit scoring and its wider lending criteria.

This means an eligible borrower purchasing a £5 million property, for example, could potentially access a £4,250,000 mortgage with a £750,000 deposit. Or, a client could borrow £7,012,500 to purchase an £8,250,000 property.

NatWest for Intermediaries can also consider part repayment and part interest-only mortgages, and for qualifying higher-income applicants, its lending can potentially extend to around 6.5 times income. The bank confirmed in February 2026 that it had expanded its higher lending criteria, making it particularly relevant for professionals and higher earners buying expensive homes.

What is the difference between using NatWest and a private bank for a £1 million+ mortgage?

Aaron Strutt, Product Director at Trinity Financial, says: “NatWest is likely to be considerably cheaper than many private banks for straightforward £1 million-plus mortgages, both on the interest rate and arrangement fee. The bank is also now more generous than many private banks, offering up to 85% of £8.8 million properties. 

“Private banks can offer more flexibility for complex borrowers, but they often want a wider relationship and may look to manage assets such as shares, bonds and investment portfolios. High-street banks like NatWest will not usually push borrowers to transfer investments as part of the mortgage.”

How much could NatWest lend at 85% LTV?

The scale of NatWest's high-loan-to-value lending becomes much clearer when the numbers are set out:

Source: Trinity Financial. The income figures above simply divide the mortgage by 6.5 and are intended to demonstrate how a higher loan-to-income multiple works. NatWest will still run its full affordability calculation and take account of expenditure, credit commitments, income structure, mortgage term and other circumstances. A 6.5-times-income mortgage is therefore not an automatic entitlement. This table shows how much NatWest can help with a 15% deposit.

Who qualifies for NatWest's higher-income mortgage criteria?

For this part of NatWest's lending proposition, the key minimum income requirements are:

• Sole application: minimum income of £75,000.
• Joint application: minimum combined income of £100,000.
• On a joint application, the criteria can be met where one applicant earns more than £75,000.
• The mortgages can also be available to first-time buyers, subject to the relevant criteria.

This makes NatWest particularly worth investigating for City professionals, lawyers, doctors, accountants, senior executives, business owners and other higher earners who have strong incomes but do not necessarily have a 25%, 30% or 40% deposit.

NatWest can lend up to 6.5 times salary

One of the most important changes came in February 2026, when NatWest expanded its approach to higher loan-to-income mortgages. For suitable applicants, borrowing of around 6.5 times income can potentially be available even at 85% LTV and on a part-and-part repayment basis. That combination is unusual.

Many borrowers looking for multi-million-pound mortgages assume that borrowing more than five times salary, putting down only 15% and using some interest-only lending will automatically mean approaching a specialist or private bank.

NatWest demonstrates why that is no longer necessarily the case. The lender's current criteria confirms that it supports interest-only mortgages for purchases, including first-time buyers, remortgages and porting, as well as mixed repayment mortgages. 

Could NatWest undercut a private bank?

Probably, yes. For borrowers with relatively straightforward income and a property that fits NatWest's criteria, a mainstream lender can sometimes be considerably more competitively priced than a bespoke private-bank mortgage.

Private banks can be excellent for clients with complicated circumstances, substantial investment portfolios, international assets, unusual income structures or cases where assets under management form an important part of the relationship.

For a multi-million-pound mortgage, even a relatively small difference in the interest rate can make a substantial difference to the monthly payment and overall interest bill.

A £6.375 million mortgage with only a 15% deposit

The £7.5 million example is particularly striking.

A buyer purchasing for £7.5 million could have:

Property price: £7,500,000
15% deposit: £1,125,000
85% ltv mortgage: £6,375,000

At an illustrative maximum of 6.5 times income, the corresponding household income would be roughly £981,000 a year, although NatWest's affordability assessment could produce a different maximum mortgage because debts and ongoing expenses affect the maximum loan size.

For borrowers operating at this level, it would usually be sensible to compare NatWest not only with the other large high-street banks but also with private banks and specialist large-loan lenders.

Part repayment and part interest-only can help with large mortgages

Part-and-part mortgages can be particularly useful on larger loans.

Instead of taking the entire mortgage on a repayment basis, the borrower may be able to arrange one portion on capital repayment and the remainder on interest-only.

For example, a £3 million mortgage might theoretically be structured as:

£1.5 million repayment
£1.5 million interest-only

The exact split will depend on the borrower's circumstances and NatWest's interest-only rules, including the proposed repayment strategy.

NatWest lists capital and interest, interest-only and mixed repayment methods as acceptable structures.

Are NatWest's £1 million-plus mortgages available through brokers?

Yes. NatWest has a substantial intermediary mortgage operation, meaning mortgage brokers can submit applications for eligible clients. This can be particularly useful for larger mortgages because the headline maximum loan size or income multiple is only part of the assessment.

The broker also needs to consider issues such as: income and bonus treatment, affordability, property type, loan-to-value, mortgage term, repayment method, interest-only repayment strategy and whether another mainstream or private bank has better criteria.

NatWest's intermediary criteria also confirms that it lends across England, Wales, Scotland, Northern Ireland and the Isles of Scilly, subject to its normal property and valuation requirements. 

Is NatWest the best bank for a large 85% LTV mortgage?

NatWest is certainly one of the lenders worth checking for borrowers who want a £1 million-plus mortgage with only a 15% deposit, particularly where a higher income multiple or part interest-only structure is required.

The particularly interesting part of its proposition is the combination of:

85% LTV + loans potentially running into several million pounds + up to around 6.5 times income + part-and-part repayment options + mainstream mortgage pricing.

That can put NatWest into direct competition with lenders traditionally associated with the large-loan and private-banking markets.

But the cheapest lender will depend on the individual application. Private banks can sometimes provide greater flexibility, while another mainstream lender may have a better rate or affordability calculation.

Speak to Trinity Financial about a £1 million-plus mortgage

Trinity Financial regularly arranges large mortgages for higher earners, professionals, business owners and clients buying expensive properties in London and across the UK.

We can compare NatWest's large-loan criteria with other high-street banks, building societies, specialist lenders and private banks to establish which lenders are prepared to offer the required mortgage and what rates are available.

This can be particularly valuable where you need an 85% LTV mortgage above £1 million, want to borrow at a higher income multiple or would like some of the mortgage arranged on an interest-only basis.

Call Trinity Financial on 020 7016 0790 to secure a mortgage, book a consultation, or complete our mortgage questionnaire. 

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