More properties cross the million-pound mark every year, simply because prices have moved. But the mortgage that sits behind a £1 million-plus purchase rarely works the way a standard application does. Lenders assess larger loans differently — sometimes more cautiously, sometimes more flexibly than people expect — and the right route through the market depends heavily on how your income and assets are structured.
“Every million-pound case is different. The number itself isn’t really the challenge — it’s making sure the lender you approach is actually set up to understand how your income works, whether that’s dividends, a bonus structure, or money earned overseas.” — James Blackler, Founder, Oakstead Finance
That’s the thread running through everything below: the loan size opens the door to a different part of the market, and knowing that market is most of the job. It’s also why most of our £1m+ enquiries come to us through a recommendation from a past client, solicitor, or estate agent, rather than a cold search — this is a page for both.
Cases We’ve Recently Structured
A few recent examples, shared with client consent and anonymised for confidentiality, to give a sense of what these cases actually look like in practice:
- A company director purchasing in SW London whose income was split between a modest PAYE salary and retained profits within their business — placed with a specialist lender willing to assess two years of company accounts alongside personal income.
- An expat client earning in a foreign currency, buying a £1.3m family home while based overseas — matched to a private bank experienced in cross-border income and remote completions.
- A self-employed buyer with a strong asset base but only one full year of trading accounts — structured through a lender that weighed projected income and personal wealth rather than requiring the usual three-year track record.
Every case is different, which is really the point: these aren’t off-the-shelf outcomes, they’re what’s possible once a lender understands the full picture.
Is a Million-Pound Mortgage Realistic?
Yes — and more so than a few years ago, simply because £1m+ properties are now common across much of London and the South East. Most high street lenders will lend up to £1-2 million for straightforward cases, and beyond that, private banks and specialist lenders take over, offering more flexibility in exchange for more detailed underwriting.
As a rough guide, income multiples on standard lending sit around 4 to 5 times annual income, meaning a £1 million mortgage often assumes a household income in the region of £200,000–£250,000 — though this varies significantly by lender, and many high net worth cases don’t fit an income-multiple model at all. Where wealth includes assets, dividends, or business ownership, private banks will often look at the whole financial picture rather than applying a fixed multiple. These figures are a general market guide, not a quote — your own numbers might work quite differently, and that’s exactly what a first conversation is for.
How Much Deposit Do You Need?
Deposit requirements at this level generally run higher than on a standard mortgage — often in the region of 20–25% for a straightforward £1m+ purchase, sometimes more for interest-only or unusual properties, sometimes less where a private bank is taking a broader view of your total assets. There’s no single figure that applies across the market, which is exactly why deposit planning is one of the first conversations worth having, before you’ve found a property.
Where the Lending Options Sit
High street large-loan teams
A number of mainstream banks now have dedicated teams for larger mortgages, some offering preferential terms if you’re willing to move your current account to them. These suit borrowers with straightforward, provable income and a strong credit profile.
Specialist lenders
Where income is more complex — dividends, retained company profits, a mix of salary and bonus — specialist lenders are often a better fit than the high street, with underwriting built around exactly these situations.
Private banks
For genuinely bespoke cases, private banks can assess affordability against your overall wealth rather than a fixed income multiple, and are typically more open to interest-only structures with a credible repayment strategy. Access to private banks is almost always through a broker rather than a direct approach.
| High Street | Specialist Lenders | Private Banks | |
|---|---|---|---|
| Income assessment | Salary multiple | Case-by-case | Holistic, whole-of-wealth |
| Typical loan size | Up to £1–2m | £500k–£10m+ | £1m–£30m+ |
| Complex income | Limited | Good | Very flexible |
| Interest-only | Restricted | Case-dependent | Widely available |
| Speed | Fast for simple cases | Moderate | Variable, relationship-led |
“Our mortgage case was complicated and far from straightforward, but he supported us every step of the way with patience, clarity, and genuine care. He constantly reassessed, adjusted the strategy when needed, and never gave up.” — Z. Falasiri, complex residential case
If your situation feels similarly layered, it’s worth a conversation before you assume the numbers don’t work — Arrange a Consultation and we’ll tell you honestly what’s realistic.
What Lenders Look At
Income
Salary, bonus history, dividends, retained profits, and foreign income can all be considered, but every lender treats them differently — some won’t touch certain income types at all. Matching your income structure to a lender that’s genuinely comfortable with it is where most of the value of independent advice lies.
Deposit and loan-to-value
As above — this varies by lender and by how the rest of your finances look.
Credit history and existing commitments
Lenders want a clear, complete picture of what else you’re carrying. Being upfront about this early tends to smooth the process considerably.
Cash reserves and liquidity
Demonstrating accessible reserves alongside income often strengthens an application meaningfully, particularly with private banks.
The property itself
Larger loans are often secured against larger or more unusual properties — period houses with land, new-build flats in high-value developments, or homes with unconventional construction. Valuation can be more nuanced here, since fewer directly comparable sales tend to exist, and matching the right lender to the right property matters as much as matching the lender to the borrower.
Ahead of approaching lenders, it’s usually worth having ready:
- Payslips and bonus history, or company accounts and dividend records if self-employed
- A summary of assets and existing liabilities
- Evidence of deposit source, particularly for larger sums
- Details of the property and your intended purchase structure
For borrowers whose income or wealth structure is genuinely complex — trusts, multiple entities, international assets — our guide to high net worth mortgages goes into more detail on how that side of the market works.
What This Costs You, and What We Don’t Do
An initial conversation is free and without obligation — we’ll tell you honestly whether your numbers are likely to work before any formal process starts, including if the answer is that they don’t yet. Where we do proceed, our fees depend on the complexity of the case and are always agreed and confirmed in writing before any work begins, never as a surprise at the end.
We won’t tell you a lender will say yes when we don’t believe it will, and we won’t push you toward a deal because it’s easiest for us to place. Oakstead Finance Limited is an Appointed Representative of Cornerstone Finance Group Ltd, authorised and regulated by the Financial Conduct Authority — you can check both firms on the Financial Services Register.
Working with an Independent Broker
At this level, the difference between a smooth application and a frustrating one usually comes down to lender selection rather than the strength of your finances. An independent, whole-of-market broker can see the full picture — private banks and specialist lenders that don’t appear on comparison sites, as well as the high street — and match your circumstances to the lenders genuinely likely to say yes, rather than the ones easiest to approach first.
That’s the approach we take at Oakstead Finance with every £1m+ enquiry: understanding your income, assets, and goals before pointing you in any direction, so the advice fits your circumstances rather than the other way around.
“Excellent service for a complex financing situation. James understood the detail, structured the case carefully, and delivered exactly what was needed.” — J. Cullen, complex financing
Frequently Asked Questions
What counts as a million-pound mortgage?
Broadly, any mortgage where the loan itself is £1 million or more, regardless of the property’s total value or deposit size. Many lenders treat this as a distinct category with its own underwriting approach.
How much income do I need for a £1 million mortgage?
It depends heavily on the lender and how your income is structured. Standard income-multiple lending typically implies household income in the region of £200,000–£250,000, but many high net worth cases are assessed on a wider view of assets and wealth rather than a fixed multiple.
How much deposit do I need?
Often in the region of 20–25% for a straightforward case, though this varies by lender, property, and your broader financial position. Some private banks take a more flexible view where you hold significant assets elsewhere.
Can I get a million-pound mortgage if I’m self-employed?
Yes. A number of lenders specialise in assessing income drawn from dividends, retained company profits, or a mix of salary and bonus. The key is approaching a lender genuinely set up to understand that structure.
Is interest-only available on a million-pound mortgage?
Yes, particularly through private banks and specialist lenders, though a credible repayment strategy is required — an investment, a pending business sale, or another clear route to repaying the capital.
Do high street banks offer million-pound mortgages?
Some do, through dedicated large-loan teams, though their criteria are often built around fairly conventional income profiles. Private banks and specialist lenders tend to offer more flexibility for complex income or unusual properties.
Is foreign or overseas income a problem?
Not necessarily. Several private and specialist lenders regularly assess foreign salary, expat income, or earnings spread across more than one country. It’s about finding a lender comfortable with that particular structure and having the right documentation ready.
What happens if I speak to you and it turns out my numbers don’t work yet?
We’ll tell you directly, and where possible explain what would need to change — a larger deposit, a different lender category, more trading history — so you’re not left guessing. Several clients have come back to us successfully a year or two after an honest first conversation.
How long does the process take?
It varies with the complexity of your income and the lender involved. Larger or more complex cases can take longer than a standard mortgage, particularly where additional underwriting or valuation work is needed — which is why starting the conversation early, before you’ve found a property, tends to make things smoother.
Arrange a Consultation
If your situation doesn’t fit neatly into a standard mortgage application — complex income, a large loan, or a case a previous broker couldn’t resolve — Arrange a Consultation to talk it through.
