Mortgage Rates on Luxury UK Homes
If you're looking to buy your dream property, or self-build the home you have always imagined living in, the cost of your borrowing is going to be a serious consideration!
The Revolution team has created this guide to explain what factors will make a difference in getting the mortgage you need - on even the grandest of UK properties - and how to improve your chances of approval.
Should you need help finding a mortgage for a luxury home, give us a ring on 0330 304 3040, or send a message to [email protected] and we'll get to work!
How Difficult is it to Mortgage a Luxury Property?
It really depends. Mortgage lenders might define a luxury property in different ways, although will generally refer to a home as higher-end if it costs over £500,000.
That might include castles, high-value cottages, farmhouses, stately homes, listed buildings or townhouses in prestigious locations.
The location makes a big difference, as the same budget that might buy a flat in London might buy a substantial family home elsewhere.
Typically, if you have the finances to prove affordability, and have a decent deposit, it isn't complicated to find competitive lending. However, if the property is non-standard or you require a substantial mortgage value, it might be a little trickier.
- Mansion mortgages - the key is to prove affordability and to meet the lender's eligibility criteria as closely as possible.
- Stately home mortgages include properties built for the aristocracy. Typically, this type of home will be listed and non-standard construction, so specialist lending is almost always required.
- High net worth mortgages offer better rates, more flexible terms, and higher value mortgages than you will find on the high street or through a regular bank. This type of mortgage is essential for substantial mortgage values.
