Living abroad9 November 2026

Borrowing £1m+ on UK property: which lender suits you?

Loans of £1m or more are available across the UK mortgage market — from high-street names to specialist lenders and private banks. The question isn't whether you can borrow at this level; it's which route is built for your situation.

7 minNathan LawesLawes Financial

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FRN 1046161

At a glance

Bank Rate4.00%Bank Rate is 4.00% (Bank of England, 5 November 2026).Source: Bank of England (opens in a new tab)
Non-resident stamp duty surcharge2%Non-UK residents usually pay a 2% Stamp Duty Land Tax surcharge when buying residential property in England or Northern Ireland (gov.uk, October 2026).Source: gov.uk (opens in a new tab)
Second-home stamp duty surcharge5%Buyers usually pay a 5% surcharge on top of Stamp Duty Land Tax rates in England and Northern Ireland if the purchase means they will own more than one residential property (gov.uk, October 2026).Source: gov.uk (opens in a new tab)
Foreign-currency income reduction15% to 25%Lenders on our panel typically reduce foreign-currency income by 15% to 25% when assessing affordability (indicative, checked October 2026; it depends on your circumstances).

Published 9 November 2026. Figures correct as at this date.

There is a version of this question that stops people before they start. They assume that borrowing £1m or more on UK property is somehow categorically different — that the market narrows, that the scrutiny becomes exceptional, that it is harder by definition. That assumption is worth setting aside early. The market for large UK mortgages is active and competitive across multiple lender types. What changes at this level is not the availability of credit; it is what lenders want to understand about you.

The more useful question is structural: which type of lender is built for your particular circumstances? High-street lenders, specialist lenders and private banks each approach large loans differently. Getting to the right route first — before any application is made — is usually the difference between a smooth process and an expensive detour.

What do high-street lenders look for on a large loan?

High-street lenders assess large mortgages primarily on income multiples and standardised affordability criteria, and they can be highly competitive on rate when the case fits their model. That last clause is the one that matters. Their systems are built around clean, verifiable, UK-sourced income — typically PAYE employment or straightforward company accounts. When the income picture is uncomplicated and the loan-to-value is comfortable, this route can work very well.

Where it tends to strain is at the edges: income from multiple sources, significant variable pay (bonuses, carried interest, dividends at scale), self-employment with complex accounts, or any overseas element. High-street lenders also apply income multiple caps, and at £1m or above, those caps can limit how far a standard assessment will stretch even for a well-paid borrower. The rate may look attractive on a comparison site; the question is whether the case actually fits.

For illustration, a borrower with a £250,000 base salary and a £200,000 annual bonus may find that a high-street lender treats the bonus conservatively or excludes it entirely, materially affecting the available loan size. A specialist or private bank lender may take a more considered view of the same income.

What do specialist lenders offer that the high street does not?

Specialist lenders occupy the space between high-street standardisation and full private banking. They tend to underwrite manually rather than through automated decisioning, which means each case is assessed by a person who can weigh context. That is significant when income is complex, irregular or comes from several sources.

This is the route that commonly suits: contractors and freelancers with strong earnings but short company histories; business owners drawing a mix of salary, dividends and retained profit; borrowers with assets that exceed their income on paper; and those whose income comes partly or entirely from overseas. At this loan size, the detail of how income is structured — not just its headline figure — often determines which lender will lend and at what level.

Specialist lenders may also accommodate higher loan-to-value ratios than private banks in some circumstances, and they tend to work within timelines that are closer to the mainstream market than a full private banking mandate.

Nathan’s take

The biggest surprise for most people borrowing over a million is that income is only half the story. On the large cases I see, lenders want to understand the whole picture — assets, how income is structured, where it's earned, and what the long-term plan is. When income is overseas or comes from several places, the preparation matters more than the lender. The cases that go smoothly are the ones where we've pulled the full picture together before we approach anyone. My advice: don't start by asking for a rate — start by getting your story straight on paper.

When does a private bank make sense for a £1m+ mortgage?

Private banks are worth considering when the financial picture is genuinely complex and the relationship dimension has value — not because the loan itself demands it, but because the overall structure might. Private banks typically underwrite on a whole-balance-sheet basis: they look at investable assets, liabilities, business interests and future income expectation alongside current earnings. For some borrowers, particularly those with significant wealth and modest declared income, that framework is simply more accurate than an income-multiple approach.

The trade-off is a longer process and, in many cases, an expectation of a broader relationship — placing assets under management or holding accounts with the bank. The mortgage rate offered may not be the sharpest in the market, though the ability to pledge assets or structure a loan against a portfolio can open options that conventional lending cannot. Private bank cases can take several months from first conversation to completion, and the documentation requirements are substantial.

This is a route worth weighing carefully, not one to pursue by default because the loan is large.

Does living abroad change the options available?

For borrowers who live or earn abroad, the core routes — high street, specialist, private bank — remain available, though the considerations shift. Currency of income is a meaningful factor: lenders on our panel typically reduce foreign-currency income by 15% to 25% when assessing affordability (indicative, checked October 2026; it depends on your circumstances). The residency status of the borrower also affects stamp duty: non-UK residents usually pay a 2% Stamp Duty Land Tax surcharge when buying residential property in England or Northern Ireland (gov.uk, October 2026). If the purchase means owning more than one residential property, buyers usually pay a further 5% surcharge on top of standard Stamp Duty Land Tax rates in England and Northern Ireland (gov.uk, October 2026). These are material costs at a £1m price point and worth factoring in before the numbers are run.

The expat mortgage landscape has its own detail — lender appetite by country of residence, currency, visa type and income source — and that is covered in full in our expat mortgage guides. The point to hold here is that living abroad does not close off large-loan options; it shapes which route will work and what preparation is required.

What should I prepare before approaching a lender?

The preparation is where many large cases succeed or fail, and the work happens before any lender is approached.

At a minimum: two to three years of accounts or tax returns; payslips covering recent bonus cycles; evidence of assets (savings, investments, pension, property); details of any overseas income and the currency it is received in; and a clear narrative of how the income picture fits together. For business owners, a note explaining how the company accounts reflect personal economic benefit is often a particularly useful document in the file.

Bank Rate is 4.00% (Bank of England, 5 November 2026), and lenders are pricing large loans in a market that is attentive to both rate levels and economic direction. That context matters, but it is secondary to the structural question of which lender route fits the case — because the wrong route wastes time and can leave a credit footprint on the way.

The cases that run smoothly share one characteristic: the borrower arrives with their financial picture fully assembled and clearly explained. The lender route follows from that. The rate is the last thing to focus on, not the first.

Our standard fee is £495, payable when your application is submitted. In some more complex cases, an additional broker fee of up to 1% of the loan may apply. The first conversation is always free, and we always confirm your total fee in writing before any work starts.

If you are considering a loan of £1m or more on UK property and want to work through which route is likely to suit your circumstances, the first step is a conversation. Lawes Financial Limited (FRN 1046161) is an appointed representative of Andrew Charles Consulting Ltd, which is authorised and regulated by the Financial Conduct Authority (FRN 304904). Advice is given on your individual circumstances, and nothing in this article should be read as a recommendation for any particular product or lender route.

Figures quoted are illustrative only. Your actual outcome will depend on your individual circumstances, loan size, term, and the products available to you.

This is not financial advice. Speak to an independent mortgage broker before making any decisions.

Lawes Financial Limited (FRN 1046161) is an appointed representative of Andrew Charles Consulting Ltd, which is authorised and regulated by the Financial Conduct Authority (FRN 304904).

Questions expats ask

How much can I borrow for a £1m+ mortgage in the UK?

Lenders assess large loans on a combination of income multiples and overall affordability, and at this level they will also weigh assets, liabilities and the broader financial picture — there is no single figure that applies across all circumstances. A specialist broker can model what different lender routes would offer before any application is made.

Do I need a large deposit for a £1m mortgage?

Loan-to-value requirements vary by lender type: high-street lenders tend to want a larger deposit at this loan size, while private banks can sometimes work with more complex equity positions, including pledged assets. The right deposit level depends on your lender route, not just the purchase price.

Can I get a £1m UK mortgage if my income is overseas?

Yes — many lenders on the UK market will consider overseas income, though lenders on our panel typically reduce foreign-currency income by 15% to 25% when assessing affordability (indicative, checked October 2026; it depends on your circumstances). How your income is structured and evidenced matters more than where it is earned.

How long does it take to arrange a £1m+ mortgage in the UK?

Timelines vary considerably by route: a straightforward high-street case may complete in four to six weeks (indicative, checked November 2026; it depends on your circumstances), while a private bank mandate with bespoke structuring can take several months. The cases that move quickly are typically the ones where the borrower arrives with their financial picture fully documented.