Million-Pound-Plus Mortgages

How large-loan lending is assessed, why the process differs, and the high-value property changes ahead.

In this guide

What lenders look for on a seven-figure mortgage
The new High Value Council Tax Surcharge
A fictional, illustrative case study

A different kind of mortgage application

Financing a property above £1 million, whether a prime central London flat, a country house or a substantial family home, is rarely a standard application. Lenders underwrite the borrower as much as the property, and often need to accommodate complex income, international assets or unusual employment structures.

12%Top SDLT rate on the portion of a main home's price above £1.5 million

£2m+Homes in England that will pay the High Value Council Tax Surcharge from April 2028

£2,500–£7,500Annual surcharge, depending on the property's value band

What lenders assess

Your overall financial position. Income, assets and liabilities are assessed together rather than as a simple income multiple, which suits business owners and the self-employed.
Deposit or equity. A substantial deposit is expected, and some lenders take other assets or investments into account.
The property. High-value homes often need a specialist valuation and careful legal work, especially for listed, unusual or large-acreage properties.

The High Value Council Tax Surcharge

From April 2028, owners of homes in England valued at over £2 million will pay an annual charge on top of council tax: £2,500 (£2m–£2.5m), £3,500 (£2.5m–£3.5m), £5,000 (£3.5m–£5m) and £7,500 (over £5m). Values will be based on April 2026 and owners should receive valuation notices in autumn 2027, with a chance to challenge them. Factor this into the long-term cost of a purchase.

Legal and valuation considerations

High-value transactions can take longer at the legal and valuation stages because of the property's complexity. Instructing a solicitor experienced in high-value property alongside your broker from the start keeps things on track.

Illustrative example · not a real client

Complex income, straightforward outcome: a fictional case study

Elena, a company director with income from three sources, some of it overseas, was getting inconsistent answers from high-street lenders for a £2.1 million London purchase. Her adviser presented her full financial picture to specialist and private bank lenders and secured a mortgage that assessed her income as a whole, with the new surcharge built into her long-term budget.

Names, figures and circumstances are fictional and illustrative only. They do not represent an actual client of Our Mortgage Broker Limited.

Looking at a high-value purchase?

Speak to a CeMAP-qualified OMB adviser: whole-of-market advice, with any fee confirmed in writing before you proceed. Read more about high-value mortgages.

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Your home may be repossessed if you do not keep up repayments on your mortgage. Most buy-to-let and commercial mortgages are not regulated by the Financial Conduct Authority. Our Mortgage Broker Limited is authorised and regulated by the Financial Conduct Authority (FRN 944663). Registered in England and Wales, company no. 11358646. Registered office: 23 Berkeley Square, Mayfair, London W1J 6HE. There may be a fee for mortgage advice: we may charge up to 1% of the loan amount, and our typical fee is £500. Your fee agreement sets out the exact fee and when it is payable (at decision in principle, application or mortgage offer); fees are not refundable once due. We usually also receive commission from the lender. This guide is general information only and is not personal advice. Case studies are fictional, illustrative examples and do not represent real clients. Rates, tax and regulatory information are correct as at October 2026 and may change, including at the Autumn Budget on 28 October 2026.