HTG Mortgages
Million Pound Mortgage Broker in Hampshire
Specialist High Value Mortgage Advice
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What You Need to Know
What Is a Million Pound Mortgage and How Do You Qualify?
A million-pound mortgage lets you borrow up to £1 million to buy a property. How much you can borrow depends on your income, credit history, and the property’s value.
Typically, lenders base the mortgage amount on your earnings, often offering four to five times your annual salary. To qualify for a £1 million mortgage, you’d usually need to earn around £200,000 a year. Some lenders may consider slightly lower incomes, around £180,000, if you have an excellent credit record and a substantial deposit.
As a mortgage broker in Hampshire, we know how to guide you through this process and find the most suitable deals for your situation.
What Types of Million Pound Mortgages Are Common?
Every borrower’s situation is unique, so we tailor advice to your needs. Many clients choose a standard fixed-rate repayment mortgage, where you pay a set interest rate over two or five years, covering both interest and part of the capital.
With larger loans, borrowers often have more complex financial setups. Some opt for an Interest-only Mortgage or a combination of interest-only and repayment. This works well if you expect to sell assets or have a lump sum to pay down the mortgage later.
Others have significant savings but prefer not to use them directly. In these cases, an offset mortgage might be a good fit, where your savings reduce the interest charged on the mortgage.
So, the main options are fixed-rate repayment, interest-only mortgage, and offset mortgages. A mortgage broker in Hampshire can help you decide which structure suits your financial strategy.
What Are the Monthly Payments on a Million Pound Mortgage?
Monthly costs depend on your deposit size, interest rate, and mortgage term. Most mortgages run for about 25 years, but terms can range from 5 to 40 years depending on your age and circumstances.
Can I Get an Interest-Only Million Pound Mortgage?
Yes, an interest-only mortgage for £1 million or more is available. You’ll generally meet the minimum income requirements for such loans, but lenders will want sufficient equity in your property to feel comfortable.
With an interest-only mortgage, you pay just the interest monthly, so the principal remains the same until you repay it in full. Many borrowers plan to repay the capital with a pension lump sum, investments, or asset sales.
Lenders have different rules here, so you’ll likely need a larger deposit and a clear repayment strategy to secure approval. Working with a mortgage broker in Hampshire ensures you present the strongest possible case to lenders.
Can I Get a £1 Million Buy-to-Let Mortgage?
Potentially, yes. Buy-to-let lenders assess the rental income the property can generate, not your personal income. Usually, the expected rent must cover at least 125% of the mortgage repayment.
In some locations, achieving this rental income may be difficult, so research is essential. Buy-to-let mortgages typically require a higher deposit, often 25% or more.
Private banks tend to be more flexible with income sources and deposit requirements than high street lenders. A mortgage broker in Hampshire, like HTG, can open access to these lenders.
What Fees Should I Expect on a Million Pound Mortgage?
The fees for a million-pound mortgage aren’t usually much different from those on smaller loans, like a £200,000 mortgage. Most payments are fixed amounts rather than percentages of the loan.
Mortgage product fees typically range from zero to around £1,500. Paying a fee can often secure you a lower interest rate. For example, a no-fee mortgage might come with a 4.5% interest rate, while paying a £1,500 fee could reduce the rate to 4.2%. On larger loans, even minor interest rate differences can significantly impact your overall costs.
For loans over £2 million, lenders often offer specialised products that may come with slightly higher fees. An interest-only mortgage at this level may also involve bespoke terms.
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Do Lenders Accept Income from Commissions and Bonuses for Million Pound Mortgages?
They can, but it might be trickier with typical high street lenders. If your income includes irregular bonuses or commissions, lenders may view this as less stable.
If your wealth is tied up in assets or irregular earnings, we often work with private banks that are more flexible in these cases. As experienced mortgage brokers in Hampshire, we know which lenders are most open to these arrangements.
Can I Use Foreign Currency Income to Qualify?
Yes, some lenders accept foreign currency income, but they typically apply a discount to protect against currency fluctuations.
For example, if you earn €110,000 (roughly £100,000), the lender might only count about £80,000 of that income for affordability checks.
If you’re paid in a less common currency, it can be tougher to get approved, but major global currencies are usually accepted by a few high street lenders.
How Can a Mortgage Broker Like HTG Mortgages Help with Million Pound Mortgages?
Using a broker has several advantages, especially with large mortgages. One key benefit is flexibility. When rates drop, brokers can keep exploring better deals right up to completion and help you switch to more competitive rates.
Unlike banks, brokers work in your interest, comparing a wide range of lenders and products. HTG Mortgages is a whole-of-market mortgage broker that operates in Hampshire and beyond for first charge mortgages, meaning we access a broad selection of lenders to find the best option for you, whether that’s a repayment loan or an interest-only mortgage tailored to your financial plans.
Why use HTG’s mortgage services?
Available 24/7, so we are always there to help when you need us
We are an independently owned, whole-of-market mortgage broker offering first-charge mortgages
We provide unrivalled customer service, ensuring that you get the care you deserve
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Our experienced advisers are here to guide you – whether you’re buying your first home, remortgaging, or protecting your property and lifestyle. We’ll save you time, cut the hassle, and make sure you secure a competitive deal that’s right for you.