This is one of the most important questions that your lender will take into account when considering any mortgage application. For such a large amount of money, you will need to be able to demonstrate that you can meet the monthly repayments. The level of repayments will depend on a range of factors including the interest rate that is offered. Interest rates can vary dramatically depending on your situation and can be variable or fixed over a term of one, two, five, or even ten years. With that in mind, it is important that you have a clear idea of your long-term plans for the property you are buying to ensure your adviser can help you find the right mortgage products to fit with your individual circumstances.

Your income will play a major role in determining whether you can afford your £650,000 mortgage repayments. If you’re in regular employment, lenders will typically want to see your payslips as proof of your earnings. If you receive money from alternative sources, such as dividends, bonuses, commissions, and interest on your other investments, it would be advisable to prepare two to three years’ of personal accounts so the lender can gain a more accurate picture of your financial situation. This also applies if you’re self-employed or have other complicated income streams.

Lenders will generally offer loans on most homes, but if you’re looking at buying non-standard properties, such as a Grade I listed building, a thatched cottage, or a converted property, you might struggle to be accepted by high street banks and building societies. You will probably also need a specialist lender if you are 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 expat.

If any of these circumstances apply to you, contact Finance Advice Centre today. Our advisers have access to niche lenders that may be willing to look at your situation as long as you meet their eligibility criteria.

If you’re looking for help when it comes to securing your £650,000 mortgage, Finance Advice Centre is here for you. Our advisers will guide you through the lending process from start to finish. Once we have established your financial situation and plans, we may be able to help you access the most suitable mortgage products for your circumstances.