Expert Mortgage Advice & £850,000 Mortgage Products Suitable For You

If you’re thinking about getting an £850,000 mortgage you might have questions or queries you want answered before you submit your application or before you find a mortgage product or lender you are interested in. Mortgages can be detailed and overwhelming when you start getting to the finer details, but by speaking to one of our friendly and experienced advisers at Finance Advice Centre, you will get all the information and help you need to not only find the most suitable products and provider to suit your financial circumstances, but also full support and guidance in applying for your mortgage itself. Let’s look at some common questions borrowers want to know about £850,000 mortgages.

This will depend on whether you are employed or self-employed, but your lender will likely ask for evidence in the form of:

•       Bank statements
•       Pay slips
•       Tax returns

When working out your affordability for an £850,000 mortgage, lenders will also look at your outgoings such as:

•       Household bills
•       Any debts you might have including credit cards or car finance payments
•       Other possible outgoings for example travel costs or childcare

If the lender feels that your current circumstances will not easily allow you to repay your mortgage, your outgoings, and any maintenance and repairs that might be needed on the property, they are unlikely to approve your loan. However, if they conclude that your income is sufficient enough to cover your repayments and other outgoings it is possible to get approved for an £850,000 mortgage.

There isn’t a definitive answer to this question because there is not necessarily a minimum income required to be accepted for a mortgage. The lender will look at a range of other factors, as well as your income, such as your credit history, and the term of the mortgage, in order to determine if you are suitable for a loan. That being said, UK lenders will often use income multiples when considering mortgage applications.

A lot of lenders use a multiple of 4.5x your yearly salary, others may use 5x, and in certain circumstances, a small number of lenders use multiples of 6x a person or household’s annual income. Higher income multiples tend to be accepted when applicants are deemed to be good borrowers, meaning they have a high credit score and a history that shows evidence of reliable, timely payments.

Can I get a buy-to-let (BTL) mortgage for £850,000?

It may be possible to get a buy-to-let mortgage for £850,000, but it could be easier for you if you have the help of an adviser from Finance Advice Centre. This is because we know which lenders will be most likely to accept your application and give you the best chance of being approved.

Some lenders can be apprehensive about providing mortgages with higher LTV ratios and so might ask you for a higher deposit. Your other circumstances may also have an effect on how much deposit you will need for a BTL mortgage, but you can typically expect to put down a deposit of between 20% and 40% of a property’s market value. So, if you were to apply for an £850,000 mortgage you could need a £340,000 deposit. 

As a mortgage is secured against your home or property it could be repossessed if you do not keep up the mortgage repayments.