Large mortgage loans
If you’re looking to borrow over £1 million but aren’t sure where to start, our specialist advisors are here to help.
With extensive experience and a strong network of underwriting contacts, we excel at securing large mortgage financing at competitive rates tailored to your needs.
Securing mortgages for high value properties
If you’re looking to buy property in or around the major cities of the UK, you’ll find that prices are colossal… and growing. Many houses sell for £1 million plus, some simply because of their location. But borrowers looking to buy a home in excess of £1M should be aware that they will need an expert mortgage broker on side.
This is because mortgage lenders strictly apply their ‘due diligence’ to loans of this size. Some even restrict lending to £500k. Others demand a higher-than-usual minimum deposit (lower LTV). When lending such huge amounts, they cross all the i’s and dot all the t’s in triplicate.
Here’s how can you make a large loan mortgage lender more amenable to your situation to secure the finance you need for the home of your dreams.
Finding a large-loan mortgage lender
While many lenders won’t lend on high-value properties, there are those that do. That’s where an experienced large-loan broker such as Freelancer Financials comes in. We present your case direct to the underwriting teams at specialist lenders, to secure you the best rate for your situation.
It’s especially important that contractors use a specialist mortgage broker to finance a high-ticket purchaser. That’s because contractors have to jump through two sets of hoops:
- Meet the stricter lending criteria mentioned above and
- Prove their affordability based on their specialised payment structure, be that limited company or umbrella worker
Consequently, our expert broking team can be relied on to prepare your mortgage application in the right way, by using our direct contacts in the underwriting teams that make the ultimate decision on your loan.
How much can I borrow?
We're here to help
Got questions or need assistance? We’re here to help. Whether you’re looking for mortgage advice, have specific queries, or just want to discuss your options, our expert team is ready to assist you. Reach out using the form here, and we’ll get back to you as soon as possible. Let’s connect and start making your homeownership goals a reality.
To speak to an adviser, please call us on 020 8421 7999
The problem with going direct as a contractor
A contractor's chances of finding a lender that offers large loans and understands contract income are slim.
If you're a contractor working on a day rate or a company director, lenders at branch or call centre level will struggle to interpret your income for a large-loan mortgage - this could be disastrous for you.
That’s because operatives at this level only have access to generic affordability criteria. This means they’ll assess any self-employed applicant’s affordability on a combination of salary and dividends drawn, accounts or an SA302.
Typical payment structures fitting this category are:
- Limited company contractors such as IT contractors, project managers and oil & as contractors
- Umbrella workers/employees
- Company directors
- Locums, such as doctors, surgeons, anaesthetists, dentists and barristers
Contractors need specialist underwriters who’ll look at retained profits or use gross day rate ‘annualisation’. Most lenders do not offer this option to direct applicants. Instead, they use specialist intermediaries (brokers) to vet such applicants first. Freelancer Financials are one such broker and we will interpret your income so that underwriters can see what you can truly afford.
If you’re in the market for a large mortgage loan, you’re likely to be a specialist yourself and you will know the value that expertise brings in securing the right outcome. Like you, we are true specialists in what we do. So make Freelancer Financials your first port of call for large mortgage loans, and let our expert mortgage brokers do the heavy lifting for you.
How can we help with larger mortgages?
We are an independent brokerage with strong ties to major UK mortgage providers, specialist lenders, and private banks.
Our advisors excel in securing mortgage loans over £1m by understanding your unique situation and building a strong case. With daily dealings in this market, we know which lenders to approach for the best outcome.
