How to get a large mortgage loan

Jun 30, 2022 | Mortgages

Applying for a mortgage isn’t too difficult, as long as you’ve got good advice and know how much you can afford. 

When you start looking at borrowing larger mortgage loans though, things can be a bit more complicated, but still entirely possible. High street lenders only lend up to a certain amount, so knowing where to apply is one of the main things to consider.

At Roebuck, we know all there is to know about mortgages and can give you helpful advice on how to secure a large mortgage loan.

What’s considered a large mortgage loan?

A mortgage is considered large if the loan is higher than £1 million. Most high street retailers will only loan up to £1m, and others can sometimes be reluctant to loan more than that.So, if you’re looking for a large mortgage loan, your best bet is to find a specialist lender.

How can I get a large mortgage loan?

As with any type of loan, there are several things you can do well in advance of applying to give you the best chance of success. We can guide you through them all. 

Firstly, you want to make sure you have a good credit history. Lenders are more cautious of people with poor credit as they may not get a return on their initial loan. It’s a good idea to check your credit score to make sure there’s nothing on your credit file that’s inaccurate, out of date, or doesn’t seem right. 

You also want to ensure you have any outstanding debts cleared. Being financially solvent makes you more attractive to lenders, and will mean you only have to focus on paying your large mortgage loan off.

And, like most other mortgages, you’re more likely to be accepted if you can put down a larger deposit. Some advisors recommend aiming for a 40% deposit on a larger mortgage, but more is always better – as you’ll ultimately be asking to borrow a lower amount.

Finally, before you apply for anything, speak to an expert like Roebuck. We’ll be able to make sure you’re choosing the best lender for your circumstances, and that your application is polished. Remember, unsuccessful applications can damage your credit history – and chances of being accepted by someone else. 

If you’re looking for a large mortgage loan for a buy to let property, you’ll need a water-tight business plan in place. You’ll need to include projected financial goals (with help of an accountant) to demonstrate your business acumen and show lenders you have the ability to afford the repayments.

Is it difficult to apply for a large mortgage loan?

In short, no. It is no more difficult to apply for a larger mortgage loan than it is for a regular one.  The application and assessment processes are very similar, but the difference is the limited number of lenders who will offer the larger loans.  The affordability checks will be stringent, so it’s important you can prove you have the appropriate income to allow you to pay back the loan. 

What you should do next

Although getting a larger mortgage works similarly to applying for a regular one, it’s always worth speaking to an expert before you get started to make sure you have the best chance of being accepted.

If you’re ready to start looking for a larger mortgage loan, get in touch with our team today and we’ll help you take the next steps.