largemortgageloans.com specialises in brokering high value mortgages for clients with bespoke finance requirements. Our expert team of advisers have unrivalled access to a host of boutique and mainstream lenders, enabling us to help clients secure mortgages of £600,000 and over.
We’re different to your average team of mortgage brokers because we have a global network of more than 200 finance providers and a relentless passion to pursue the best possible solution for our clients.
Before contacting us to discuss your needs, read on for more information on mortgage eligibility criteria, working out the cost of your monthly repayments, and the other things you’ll need to consider when applying for a £600,000 mortgage.
How to work out if you are eligible for a £600,000 home loan
Do you have a sufficient deposit?
The larger your deposit, the better the mortgage terms will be on your £600,000 home loan. It’s rare for a lender to accept any less than 10% of the property price as a deposit – and the higher the loan to value (LTV), the more competitive your interest rates are likely to be in the long term.
Can you afford the monthly repayments?
If you’re going to apply for a £600,000 mortgage, you’ll need to be able to show proof that you can meet the monthly repayments. The level of the repayments will depend on a number of factors, the most important being the interest rate you agree to. Rates can vary drastically depending on your circumstances and can be variable or fixed over a term of one, two, five or even 10 years. Therefore it’s important you have a clear point of view on your long-term plans for the property you’re buying to help ensure your broker finds the right deal, tailored to your individual circumstances.
The length of your mortgage term will also affect your monthly fees. For example, if you agree to pay back your home loan over the course of 30 years, you can expect to pay less per month than someone who has opted for a 25 year agreement (although you may pay more in interest over the course of the entire mortgage term).
You can use our handy online mortgage calculator to see how much you can expect to pay towards your £600,000 home loan on a monthly basis. Just enter your preferred loan amount, the length of the loan and the expected interest rate, and you’ll get an immediate estimate.
Can you prove that you receive adequate income to cover your mortgage repayments?
If you are in regular employment, your mortgage provider will normally want to see your latest payslips as proof of earnings. If you receive funds from alternative sources – for example, dividends, bonuses, commissions and interest on your other investments – we would recommend preparing two to three years’ of personal accounts so that your lender can build a more accurate picture of your financial situation.
Can you afford to live, too?
Once you’ve purchased your new home or property investment, you’ll need to make sure you can cover your regular living costs as well as your £600,000 mortgage repayments.
Before committing to the purchase, review how much the property will cost in utilities, services and taxes, and make sure your income can accommodate these extra expenses. Your lender will need to see recent bank statements during the application process as regulations dictate that they lend responsibly, therefore you will need to prove that you’re living comfortably pre-investment.
Could you arrange a joint £600,000 mortgage instead of applying as an individual?
There’s nothing wrong with wanting to own your own home; something that’s solely yours. But if you apply for a £600,000 with another person – for example, as a couple – the lender will consider both of your incomes to determine how much you can borrow, which could stand you in better stead for an investment of this size.
However, if either of you have a poor credit score, or have struggled to pay back your debts in the past, the mortgage provider may consider your application to be too high-risk. Our advice would be to always ask your co-investor about their financial history before putting together a joint mortgage application.
What if you’ve set your sights on an ‘unmortgageable’ property?
Lenders will offer loans on most homes – but if you’re looking at purchasing a Grade I listed building, a thatched cottage or a converted property, you may struggle to be accepted by High Street banks and building societies. You’re also likely to need a specialist lender if you’re buying a house of multiple occupancy (HMO), planning to offer the property on short term letting sites such as Airbnb, or if you’re an ex pat.
If any of these circumstances apply to you, do contact our specialist mortgage brokers. They have access to niche lenders that will be prepared to take a view on your case as long as you meet other eligibility criteria.
Need help applying for your £600,000 mortgage?
If you need a helping hand when it comes to securing your £600,000 loan, the team here at largemortgageloans.com can guide you through the lending process, from your initial enquiry to completion. Our team of qualified mortgage brokers will start by understanding your overall financial and lifestyle goals. Once we have established what you want to achieve, we use our unique expertise to find you the best possible terms on your £600,000 mortgage.
The private lenders we work with are flexible in their underwriting criteria and treat all of their clients on an individual basis. Their accommodating approach ensures that we can agree on terms on £600,000 mortgages to suit almost any requirements.
Your home or property may be repossessed if you do not keep up repayments on your mortgage