Mortgages  

How to get a £1m mortgage

  • Describe some of the difficulties achieving a £1m plus mortgage
  • Identify some of the ways to improve the chances of getting a £1m mortgage
  • Describe the elements of the relationship with the lender that would improve a borrower's chances
CPD
Approx.30min

Taking advantage of prime property

The low-interest rate environment has made prime property mortgages accessible to a growing number of buyers.

Based on the performance of the PCL real estate market, it seems as though demand for this type of home loan will continue to rise as buyers seek to take advantage of the capital growth and in some cases, the rental yields on offer.

Applying for a £1m-plus mortgage should not be a difficult or complicated process if approached correctly.

In my experience, it all comes down to choosing the right lender and finding the right type of prime property mortgage best suited to the borrower’s needs.

Doing so will reduce the borrower’s chances of rejection.  

Alpa Bhakta is the chief executive of Butterfield Mortgages

CPD
Approx.30min

Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

  1. Lenders now apply a rental stress test to every property the landlord owns, true or false?

  2. Which of the following is a reason for a HNW being turned down for a mortgage?

  3. Which of the following is NOT a way of improving one's chances of getting a mortgage?

  4. Why is it not worth going to a high street bank?

  5. What should borrowers do about their mortgage?

  6. Choosing the right type of prime property is irrelevant to the situation, true or false?

Nearly There…

You have successfully answered all the questions correctly, well done!

You should now know…

  • Describe some of the difficulties achieving a £1m plus mortgage
  • Identify some of the ways to improve the chances of getting a £1m mortgage
  • Describe the elements of the relationship with the lender that would improve a borrower's chances

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