largemortgageloans.com specialise in securing large mortgages for a range of international clients. Our team is highly adept at assisting with personal requirements for mortgages over £700,000.
We have comprehensive global links through our network of over 200 finance providers including High Street banks and private lenders. The private lenders we work with are flexible in their underwriting criteria, treating clients on an individual basis. This versatility ensures that we can often agree terms on a £700,000 mortgage where others may struggle to find a solution.
Our aim is to secure the best possible deal on your £700,000 mortgage. Before instructing us to start the application process, we recommend you read the following information, which will help determine whether or not you are eligible to borrow a sum of this size.
Am I entitled to a £700,000 mortgage?
In order to secure a £700,000 mortgage, you’ll need to meet eligibility criteria, which differs from lender to lender. However, most providers will take the following factors into consideration before approving a home loan.
Do you have a suitable deposit?
Lenders will usually ask that you put down a deposit of at least 10% of the purchase price. However, we would always recommend you put down as much as you can. The more you can invest at the start of the mortgage term, the less you’ll have to pay in interest over the life of the mortgage. Plus a higher deposit means a lower loan to value (LTV) ratio, which ultimately opens you up to better interest rates.
If you are married, in a relationship, or looking to co-habit with a friend or family member, it could make sense for you to both be named on the mortgage. Securing a £700,000 mortgage in this scenario may be easier, because the lender will use both of your incomes to determine how much you can borrow. Just make sure that your co-investor doesn’t have a poor credit score or a history of bad debt, as both could affect your chances of a successful application.
Can you afford your monthly mortgage repayments?
If you choose a repayment mortgage, you can expect your monthly repayments to be more than if you opt for an interest-only mortgage. However, you will be gathering equity in the property. This means that you will pay less interest in the long run as the size of your loan will slowly decrease. At the end of the term, you will also own the property.
If you are considering an interest-only mortgage, you will only be servicing the interest on the loan. Therefore, payments will be lower but the lender will want proof that a credible repayment strategy is in place for when the loan term ends.
A number of other factors also directly affect how much you need to set aside for your investment. The length of the term will be a consideration – most mortgages are either 25 or 30 years and the difference can affect your repayments. The biggest factor tends to be the interest rate agreed, which can vary dramatically depending on your circumstances and the level of risk the lender places on your case.
You can use our mortgage calculator to determine roughly how much your £700,000 mortgage repayments will cost. For a more accurate figure, however, we would suggest getting in touch with our specialist property finance brokers.
Do you earn enough to cover your outgoings?
The bank or building society that is handling the application for your £700,000 loan will normally want to see a set of recent bank statements which prove you have the funds to meet your monthly obligations. Remember, you need to consider how your day-to-day living costs will impact on your finances too.
If you do not receive a regular wage, and your income consists of dividend payments, bonuses, commission and interest from other assets, be prepared to provide the lender with between two and three years’ of your personal accounts.
We can help you secure your £700,000 mortgage
We understand that a mortgage of over £700,000 is a large commitment. At the very start of the lending process we will seek to understand your overall financial and lifestyle goals, both business and personal. Then we use our extensive experience of the market to create a bespoke solution that meets your criteria.
We can even help our clients secure a £700,000 home loan on a property that would normally be considered ‘unmortgageable’, such as a converted house, a thatched cottage or a Grade I listed building.
We strive to deliver a truly personalised service. As part of our commitment towards exceptional care, all of our clients deal with one dedicated mortgage specialists throughout their journey with us. This ensures the £700,000 mortgage application is straightforward and hassle-free at all times.
Contact largemortgageloans.com now to discuss your mortgage requirements with an experienced member of our team.