Over half a million people in Britain are now ‘Property Millionaires’. A rise of eight per cent since last year, according to property website Zoopla1. In fact there are now 10,958 streets where the average property price is more than £1 million, 43% of them in London. 13 of these London streets have an average property price of more than £10 million.
When taking out a mortgage above £1 million, it becomes more difficult to access a deal via the High Street Banks. A specialist mortgage broker can take a more holistic approach to your lending requirements – possibly utilising assets such as a personal pension, stock portfolio or overseas stock you may hold to your advantage to achieve the best possible lending terms to fit your criteria.
High street banks can frown on using commission or bonuses as part of your income, some High Street Banks will only take a small percentage of this income within their affordability criteria. Private Banks can be more flexible as they typically tailor a mortgage to the customers borrowing circumstances. A good specialist mortgage broker will likely have access to numerous private bank relationships.
You would benefit from using a mortgage broker in these circumstances since they have access to lenders with an appetite for larger and more complex loans. They are much more confident in dealing with mortgages of higher value than the high street banks.
An independent mortgage broker will endeavour to source the most suitable mortgage to suit your current needs and circumstances. Because they are independent they can give you access to far more products than you could get if you went direct. Since they spend their time looking at available rates from a number of lenders, they are in the best position to access the right lender for your situation.
YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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