| Typical loan size | £1m to £10m+ |
|---|---|
| Typical maximum LTV | Often 75–80% to £1m; lower above £2m |
| Income assessment | Manual underwriting; bonuses, dividends, carried interest |
| Repayment options | Capital repayment, interest-only, part and part |
| Lender types | High-street banks, specialists, private banks |
| Stamp duty top rate (England) | 12% on the portion over £1.5m |
| Regulation | FCA-regulated if it is your home; some exemptions apply |
Who is this for?
- Buyers of prime central London homes in Mayfair, Belgravia, Kensington, Chelsea and similar areas
- Senior executives, partners and finance professionals with bonus or deferred pay
- Business owners and entrepreneurs with income from dividends or retained profits
- International buyers and returning expats purchasing a £1m+ home
- Owners refinancing a large mortgage or releasing equity from a valuable home
What counts as a high-value mortgage?
Most lenders treat loans of £1 million and above as large loans, with separate pricing, criteria and underwriting. Many tighten their rules again above £2 million and £5 million. These loans are underwritten manually by senior credit teams, rather than through automated scoring.
A high-value mortgage is not a special product. It is a standard residential mortgage, but the size of the loan changes which lenders will consider it and how they assess you.
Pricing for large loans can be competitive, as lenders value well-qualified borrowers. However, the gap between the most and least suitable lender for a given case is often wide. Small differences in how lenders treat income, interest-only or the property can change what is possible.
How much deposit do I need for a £1m or £2m mortgage?
For loans up to about £1 million, some mainstream lenders go to 80–85% LTV, and occasionally higher. Above £1 million, maximum LTV often falls to around 75–80%. Above £2 million, many lenders cap at 60–75%, depending on income and assets.
| Loan size | Typical maximum LTV |
|---|---|
| Up to £1m | Often 80–90% |
| £1m to £2m | Often 75–80% |
| £2m to £5m | Often 60–75% |
| £5m+ | Case by case, frequently private bank |
These are broad market norms, not guarantees. Private banks may lend at higher LTVs if you hold investments with them.
Large loans also tend to attract closer scrutiny of the property, your deposit and your wider finances. Clear information at the start helps the lender move quickly.
How do lenders assess income on large loans?
Lenders look at your overall financial position, not only basic salary. Underwriters may consider bonuses, restricted stock units, partnership drawings, carried interest, dividends, rental income and investment returns. How much of each they count varies widely between lenders.
Some lenders offer higher income multiples to high earners, sometimes 5.5 to 6 times income or more, subject to affordability. Professional mortgage schemes for doctors, lawyers and accountants may also help. Where income is irregular or mostly asset-based, a private bank may look at net worth and liquidity instead.
Which documents will I need for a large loan?
Underwriters at this level want a full and clear picture. Preparing it upfront helps credit teams say yes faster.
- Payslips, P60s and two to three years of bonus history
- Tax returns, SA302s and accounts if you have business or investment income
- Statements for investments, pensions and other property
- A summary of assets and liabilities
- Evidence of deposit and source of wealth
See our documents checklist. We help you organise these into a clear case summary.
Can I have an interest-only mortgage on a high-value home?
Yes. Interest-only is more common on large loans, often for borrowers with substantial assets or variable bonus income. Lenders will want a credible plan to repay the loan at the end of the term. That might be investments, pension lump sums, business sale proceeds or downsizing.
Many lenders cap interest-only at a lower LTV, often 50–75%, and set minimum income or equity levels. If the repayment plan fails, you may have to sell the property. Our interest-only guide covers the risks.
Offset mortgages, which reduce interest by linking savings to the loan, are also offered by some lenders on larger loans and can suit borrowers with large cash balances or bonus income.
What extra costs apply to prime London property?
Stamp duty is the largest extra cost. In England, the main rate reaches 10% on the portion between £925,001 and £1.5 million, and 12% above £1.5 million. Additional properties carry a 5% surcharge, and non-UK residents pay a further 2%. Check figures with our stamp duty calculator.
From April 2028, owners of homes in England valued at £2 million or more are due to pay an annual High Value Council Tax Surcharge, on top of council tax. Buyers should also budget for higher service charges, specialist surveys on period or listed buildings, and insurance.
What makes a prime property harder to mortgage?
Some prime properties need lenders with specialist appetite. Common challenges include:
- Short or complex leases, including properties on large London estates
- Listed buildings, mansion blocks or homes needing major works
- Very high values in streets with few comparable sales
- Properties held in trusts, companies or offshore structures
- Mixed-use buildings or homes with commercial elements
Valuations on high-value property can also come in below the agreed price. We discuss valuation risk early and identify lenders comfortable with the property type.
Valuers for high-value property may also take longer to inspect and report, particularly where there are few recent comparable sales. Build this into your timetable, especially if you have an exchange deadline.
How does OMB arrange large loans?
We start by understanding your income, assets and plans in full. We then present your case to lenders in a clear, credit-ready way, explaining any complexity before it becomes a query. For larger or more complex loans, we may approach several lenders' underwriting teams before recommending one.
OMB is an independent, whole-of-market broker based at 23 Berkeley Square, Mayfair. A broker fee may apply, up to 1% of the loan, and we may also receive commission from the lender. We confirm both in writing before you proceed. If you also need short-term funding to buy before selling, see our bridging loans page.
Can I buy before selling my current home?
Often, yes. Prime buyers frequently find the right home before their sale completes. Options include borrowing on both properties for a period, a let-to-buy arrangement, or a short-term bridging loan repaid from the sale. Some private banks also offer short-term facilities for existing clients.
Bridging is expensive short-term borrowing and needs a clear, realistic exit. If your sale is delayed or achieves less than expected, costs can rise quickly. We stress-test the timescale and price assumptions with you before recommending this route. Our guide how does a bridging loan work? explains more.
Run the numbersSDLT for England & NI, incl. first-time buyer relief and surcharges.
Stamp duty calculatorHow we arrange it
- Free 15-minute call about the property, loan and timescale
- Full review of income, assets and structure
- Case presented to selected banks and private banks
- Indicative terms compared and recommended
- Application, valuation and legal process managed to completion
Example cases
Illustrative examples based on the type of case we arrange. Not specific clients; every case is different.
£3.2m purchase in Hampstead for a partner with variable bonus income
£2m interest-only purchase in the Cotswolds backed by a share portfolio
£1.6m purchase in Edinburgh's New Town of a listed townhouse
From the blogBuying a £2m+ home in London: what to plan for in 2026 and beyond
Read the articleFrequently asked questions
Can I get a £1 million mortgage?
Yes, many lenders offer loans of £1 million and more. You will usually need a substantial income, often in six figures, and a deposit of at least 10–25%. Lenders assess affordability manually at this level. Your options widen if you have strong credit, clear income evidence and other assets.
What salary do I need for a £1m mortgage?
At standard income multiples of around 4.5 times, you would need household income of about £220,000 or more. Some lenders offer higher multiples to high earners, which can reduce this. Private banks may lend based on assets as well as income. Your outgoings and credit commitments also matter.
What salary do I need for a £2m mortgage?
At around 4.5 times income, a £2 million loan suggests household income of roughly £440,000. Lenders offering 5.5 to 6 times income could lower that, subject to affordability checks. Many borrowers at this level combine salary, bonus and investment income. Private banks often consider overall wealth rather than income alone.
Who lends on large mortgages in the UK?
High-street banks, building societies, specialist lenders and private banks all lend on large loans, though each has different limits. Some high-street lenders cap individual loans, while private banks often lend £2 million to £10 million or more. A broker can approach the right lenders for your profile.
Is a private bank better than a high-street lender for a large mortgage?
Not always. High-street lenders can be competitive on straightforward large loans. Private banks are often better where income is complex, interest-only is needed or assets are held internationally. They may also expect you to hold investments with them. We compare both before recommending.
Can bonus income be used for a high-value mortgage?
Many lenders count some or all of a regular bonus, often averaged over two or three years. Some also consider deferred bonuses, RSUs or carried interest. The proportion accepted varies widely. Lenders will want payslips, P60s and employer letters showing the bonus history.
What is the maximum LTV on a £2m+ mortgage?
Many lenders cap LTV at 60–75% for loans above £2 million. Some go higher for strong applicants, and private banks may lend more if you hold investments with them. Exact limits depend on the lender, property and your overall financial position.
Can I buy a prime London home through a company or trust?
It is possible, but fewer lenders accept these structures and the tax consequences can be significant. Properties held in companies may face the Annual Tax on Enveloped Dwellings and higher stamp duty rates. You should take tax and legal advice before deciding on ownership.
Is stamp duty higher on expensive homes?
Yes. In England and Northern Ireland, the rate on the portion of the price above £925,000 is 10%, and above £1.5 million it is 12%. Additional properties and non-resident buyers pay surcharges on top. Stamp duty is usually paid from your own funds, not the mortgage.
What is the mansion tax?
"Mansion tax" usually refers to the High Value Council Tax Surcharge announced in the November 2025 Budget. It is due to apply from April 2028 to homes in England valued at £2 million or more, starting at £2,500 a year and rising for higher values. Details may change before it starts.
Can I get an interest-only mortgage on a £1m+ home?
Yes, interest-only is widely available on large loans, often at lower LTVs and for borrowers with significant income or assets. You must show a credible repayment plan. If your repayment plan does not deliver, you may need to sell the property to clear the loan.
Is a high-value mortgage regulated?
A mortgage on your own home is usually FCA-regulated. Some high-net-worth borrowers can choose to opt out of certain protections under specific exemptions, which can widen lender choice. This is a significant decision, and we explain what you would give up before you agree to it.
Important: Your home may be repossessed if you do not keep up repayments on your mortgage. There may be a fee for mortgage advice: up to 1% of the loan, typically £500.