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Ask an Expert I have a 10% deposit to put down but require a large mortgage, what are my chances?

I have a 10% deposit to put down but require a large mortgage, what are my chances?

Q: I have a 10% deposit to put down but require a large mortgage of £990,000.00. What are my chances of getting a mortgage?

A:

In the current post credit crunch mortgage market, it is difficult to obtain a 90% loan-to-value mortgage for a loan size of over £ 500,000 through high street lenders. If you are eligible for a Professional Mortgage i.e. you are a fully qualified and practising medical doctor, dentist, accountant, solicitor, veterinary surgeon, teacher, pharmacist or ophthalmic optician registered with the appropriate UK professional body, then we may be able to arrange a 90% mortgage for this loan size. Alternatively, if you have a high income which would make it affordable for you to reduce the loan-to-value of your mortgage down to 65-70% loan-to-value within the space of a couple of years, then we may be able to approach a Private Bank on your behalf. Otherwise I would recommend that you aim to put down a minimum of 15% deposit and you will be able to access a much wider choice of mortgage lenders.

These questions are for information purposes only and do not contain all the details you need to choose a mortgage, ask one of our advisers for a personalised key facts illustration
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This Month’s Top Fixed Rate

Fixed rate
Initial rate: 1.35%

Period: 2 years

Rate will revert to a variable rate, currently 4.99% thereafter
The overall cost for comparison is 4.46%

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This Month’s Top Variable Rate

Variable rate
Initial rate: 0.97%

Period: 2 years

Rate will revert to a variable rate, currently 4.99% thereafter
The overall cost for comparison is 4.37%

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Some of this month's top interest rates are listed above; the actual rate will depend on your circumstances. Please note that this information does not contain all the details you need to choose a mortgage, ask one of our advisers for a personalised key facts illustration on 020 7519 4900. The rate displayed may become out of date at short notice.

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