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Things to consider when getting a £1.5 million or £2.5 million mortgage for higher earners buying with a partner

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Page edited and updated 26/02/2025.

Trinity Financial has access to a range of lenders offering £1.5 million and £2.5 million mortgages, helping borrowers purchase prime properties in London, Surrey and increasingly across the UK.

£1.5 million+ mortgage rates have increased in price following the Budget but larger loans on two-year fixes are priced around 4%, and five-year fixes are also below 4%.

More banks and building societies are offering mortgage rates specifically targeting higher earners who require more generous loan sizes, interest-only mortgages, or mortgages with overpayment facilities. 

Halifax for Intermediaries offers up to 5.5 times salary mortgages and competitively priced mortgages for those borrowing between £1 million and £5 million.

Here are some key steps and considerations to make securing a larger mortgage loan easier:

Assess your financial situation:

Lenders will want to understand your finances and creditworthiness. If you are self-employed or running a limited company, you will need your payslips, proof of bonuses, and up-to-date accounts. Check if you know your exact income from all sources, your savings balances, and your debt levels. 

Determine your maximum property price:

Decide your budget and how much you're willing to spend on a house or flat, and consider how much it will cost if it needs work. The costs of refurbishing properties have increased significantly in recent years. Remember, you will need a minimum deposit of 5%, although ideally, you have closer to a 20% deposit to access attractive rates.

There are ways to structure mortgages to make the monthly repayments more manageable, such as interest-only, offset mortgages if you have savings and longer mortgage terms. However, sourcing the most competitively priced rate is key.

Joint income mortgages:

If you're buying with a partner, assess their financial situation. Joint applications will involve both your credit histories and income. It is well worth running credit reports before applying for a mortgage to ensure you and your partner do not have any missed payments or CCJs.

Generally, it is possible to borrow around five times single and joint salaries, although credit card debt, loans, cars on finance and children will reduce how much you can borrow.

Deposit required for a £1.5 million+ or £2.5 million+ mortgage:

Banks and building societies often offer their most competitively priced rates to those with a 40 per cent deposit. However, getting £1.5 million+ or £2.5 million+ mortgages is possible if you have a 10 per cent deposit.    

Trinity Financial can access private banks offering lower deposit mortgages to higher earners with smaller deposits.

Choose the right mortgage product:

Most lenders offer fixed-rate, variable-rate or interest-only mortgages. Each has its advantages and disadvantages. Many of our clients take tracker rates or two-year fixes, although the lowest rates are five-year fixes. Consider which one aligns best with your financial goals. Click here to view our £1 million+ mortgage compassion table.

Lender selection for larger mortgage loans:

There is a range of lenders offering larger mortgages. Traditional banks, building societies, private banks, and specialized lenders have different criteria and interest rates. More lenders are offering £1 million+ mortgages at competitively priced rates. More standard lenders typically have lower rates and setup fees than private banks.

Prove your income:

You and your partner will need to provide documentation of your income and employment history.  Lenders will want to check your ability to make repayments.

Credit history:

Ensure that both you and your partner have strong credit histories. Lenders will assess your credit scores to determine the terms of the mortgage. If you fail an application, then there are lenders that credit search rather than credit score, meaning they are potentially more lenient.

Property appraisal:

Banks and building societies typically require a professional property appraisal to confirm its value. However, many lenders use automated valuations, relying on computer-based systems to do a "desktop valuation". They often provide a free property valuation; a copy of the valuation report is not sent to the buyers.

To ensure the property is in good condition, you could conduct structural and electrical surveys to highlight severe structural issues. 

Large mortgage loan affordability:

Lenders assess not only your income but also your affordability. Your monthly mortgage payments should be sustainable alongside your other financial commitments. Banks and building societies provide income multiples of between four and six times salary. 

Legal fees and Stamp Duty:

Budget for legal fees, surveys, and other costs associated with the property purchase. Trinity Financial has been working with Steph Lyke from SAS Daniels, and she is an expert in her field. 

Stamp duty on expensive can be exceptionally high - especially if you own another property as an enhanced payment is charged. Click here to use our stamp duty calculator

Maintain financial stability:

Maintain financial stability throughout the application process and after securing the mortgage to ensure you can meet your monthly payments. It is advisable to apply for credit cards, loans or finance while your mortgage application goes through, as it can directly affect your mortgage.

Obtaining a high-value mortgage in London is a complex process, and working with professionals who specialize in this area is important if you want the best deal. Consult with mortgage brokers, financial advisors, and legal experts to guide you through the process and ensure you make informed decisions that align with your financial goals and circumstances.

Building and Income Protection Insurance:

Consider insurance options, such as life insurance and critical illness cover, to protect your investment and your family's financial well-being. Trinity Financial has a dedicated insurance specialist who arranges a variety of income protection policies. 

Call Trinity Financial on 020 7016 0790 to secure a £1.5 million+ mortgage, complete our mortgage 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    

Nationwide for Intermediaries offers a two-year fix at 3.89% for larger mortgage loans between £300,000 and £5 million for borrowers purchasing a property. The overall cost for comparison is 7.1% APRC. The fixed rate is 0.05% more expensive for remortgages.

If you borrowed £1 million on the 3.89% two-year fix, the monthly interest-only cost would be £3,241.67 increasing to £4,710.95 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 7.24% unless you switch deals, and early repayment charges apply

Contact Trinity Financial on 020 7016 0790 to find out how much your £1 million mortgage would cost.

You will typically need a 10% deposit to qualify for a £1 million mortgage. 

Some lenders are offering more generous loan sizes for those with smaller deposits.

A limited number of lenders may offer a 5% deposit option to get a £1 million mortgage, but the rates are likely to be higher.

Click here to read our mortgage blog: https://www.trinityfinancialgroup.co.uk/mortgage-tools/mortgage-news/how-much-deposit-do-i-need-for-a-1-million-house/

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/

• You 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 we assess your mortgage and financial protection needs based on your monthly budget.
• We collect the necessary information and documentation that banks and building societies require.
• Based on the information provided, we offer you illustrations of the most suitable products for your specific circumstances.
• We then submit the application 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 are also able to discuss any further mortgage, will or financial protection product requirements.

As part of our ongoing service commitment, we will contact you at least three months before your fixed or tracker rate expires to ensure you avoid reverting to an expensive, standard variable rate.

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