SECURING A £500K+ MORTGAGE

Like any mortgage applied for, a £500k mortgage application will need to meet certain criteria.

Affordability, of course, is key. You need to show you can meet the monthly payments for a £500,000 mortgage, once your usual outgoings, such as utility bills, council tax and service charges, are taken into consideration.

And the size of your deposit will make a difference to the mortgage products available to you. Ideally, your deposit needs to be at least 10% or £50,000. The lower the loan to value ratio (LTV) the better, because any lender will see you as less risk.

Other criteria will be looked at too, such as your age, if you’re employed or self-employed, or whether you’re applying on your own or with a partner.

WORKING WITH LARGE MORTGAGE LOAN SPECIALISTS

If you want your £500k mortgage application to go through smoothly, don’t hesitate to talk to us. We regularly secure competitive mortgages for homeowners in this price bracket whether you’re a first time buyer looking for a London apartment, or you’re a home mover selling up and moving to a bigger property.

We can talk you through the different types of mortgages available to you such as repayment or interest only. And also advise you on the type of mortgage to suit your lifestyle and long term goals.

Then we research the market to find you the right deal for you. With access to smaller building societies and boutique lenders, as well as high street names, we have a high success rate when it comes to arranging £500k+ mortgages.

Think carefully about securing other debts against your home or property. Your home or property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.