Over the years and especially since the global financial crisis in 2008, requirements have become ever stricter when it comes to being approved for a mortgage. It has become more difficult for anyone to be approved for a mortgage, but especially high net worth individuals. 

This is because high street lenders typically focus on an applicant’s steady income. However, the wealthier someone is, the more complex their finances often are. They often receive irregular income and perhaps obtain their wealth from inheritance and trusts. For this reason, obtaining a mortgage usually requires a specialist lender with a different approach.

The Financial Conduct Authority (FCA) defines a high net worth individual as someone with earnings no less than £300,000 per annum, or with net assets valued at no less than £3 million. These assets can include equity in residential property.

The minimum deposit for a large mortgage is usually around 10%. Most commonly though, deposits are usually at 15% or more. If needed, we can find lenders that will consider loans against current assets to boost cash deposits.

Poor credit ratings can affect everyone, regardless of their financial position. However, there are lenders who will look at applications from borrowers with poor credit ratings. There are even a few who specialise in these types of mortgage applications.

The answer to this question will differ between lenders, but generally speaking, a mortgage of £1 million and above can be considered a big mortgage.

Yes, you can get a million pound mortgage as long as you meet the lender’s affordability and eligibility requirements. The number of properties valued in excess of £1 million is steadily increasing in the UK, so these million pound mortgages are becoming more and more commonplace.

Most high street lenders in the UK have a mortgage limit of £1 million. With that in mind, you may be able to find a suitable million pound mortgage with a high street lender. Failing that, you may need to turn to a private bank.