The number of borrowers in the UK seeking a million pound mortgage or more has been increasing steadily of late, withdata from one of the UK’s largest banksindicating that the million pound mortgage market is stronger than at any time over the past 6 years. The main reason why so manyhouse purchasers are entering the high net worth mortgage bracket is that property values continue to increase in London and parts of the South East. This is despite the long years of recession and in contrast to much of the rest of the UK.

But if you do need a large mortgage you will typically soon realisethat the market for securing such a home loan is harder than for the average borrower. Many mainstream banks and lenders limit their loan size to under a million pounds with some limits as low as £500,000. It will, therefore, often be necessaryto find a specialist broker to arrange such a deal but with expert advice you get the best million pound+ mortgage.

Not since 2007 when the UK property market was at its peak have so many properties been sold for more than£1 million and that number continues to rise in the market as a whole (although clearly most such properties are concentrated in the capital).

So, whilst the number of properties being sold is still 10 per cent lower than before the credit crunch, the high net worth property sector (homes valued at more than £1 million) has outperformed the rest of the UK property housing market. Yet these properties constitute only 1.1 per cent of all sales across the country and the vast majority of them are in London and certain parts of the South East.

House values at the high end of the market have remained close to their pre-credit crunch values because there has been limited supply and also because there has been demand from wealthy overseas buyers seeking a trophy home in the capital.

If you want to borrow over £1 million you are likely to find that many of the headline deals, and particularly the online deals, will not be eligible for borrowing such a large amount. High street banks and building societies are likely to have a maximum loan size of between £500,000 and £1 million so a borrower will be restricted in their choice of lender if they want to borrow a seven figure sum. A few mainstream lenders do offer larger mortgages but they may not always offer the best deal because they know customers have limited choice. However, there is a wide range of lending institutions that are happy to agree multi million pound mortgage deals if you know where to look.

Private Banks, for instance, are very willing to consider large mortgages for high net worth customers and specialist large mortgage brokers will have relationships with these private banks to ensure the best deal. As well as offering competitive rates, they also look at a potential client’s wider financial situationso are not so driven by a ‘tick box’ mentality of affordability and will consider lending to those with unusual ownership structures, foreign nationals or clients with income from non-traditional sources.

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