When buying an expensive property, many customers try to find large mortgages. This effort may be based on cost-effectiveness, income, or value-added (LTV) metrics. But this is often because most lenders place restrictions on the offered amount. With the right advice and enough income, it is possible to get a large mortgage, and this guide tells borrowers how to do it and how to get the advice they need. Getting a mortgage varies from one lender to another, and not all lenders are in a position to offer such a large mortgage, even if the borrower can easily repay it.

For large mortgages, the lenders who are best placed to approve an application are not necessarily the big names that can be found on the streets. Clients in the large mortgage market often find the most desirable rates and deals through private lenders, specialist mortgage providers, and lenders only accessible through a broker.

SWG Mortgage advisors work with lenders who specialise in large mortgages. They have deep working relationships with lenders who offer large mortgages. With the help and advice of SWG Mortgage advisors, you can be sure that you will be the right match for the right lender, and this can mean saving time, money and potential tokens in your long-term credit report. Also, if you are looking for a mortgage guarantee, you should have a good credit score and meet the criteria for accepting lenders.

In general, a group of banks and lenders offer large mortgage. Here are five key pointers in moving your mortgage forward:

1. Ensure you get the best rate

Competition to attract richer borrowers has increased significantly, and lenders actively seek to help high net worth customers. Therefore, applicants should make sure that they receive the best mortgage rates, and it is a good idea to get several mortgage rates.

Applicants can go to the lender that offers the largest pre-approved mortgage. With more than one offer, borrowers also have the leverage to go back to a lender who has already approved them for a lower amount and sees if they increase the amount they are willing to lend. This can help applicants get the biggest mortgage at the lowest cost.

1. Readiness to prove income

The mortgage market is highly regulated, and lenders need to know how many borrowers earn. If borrowers’ income is complex or comes from various sources, it is advisable to bring bank bills, accounts, and paychecks together. Lenders also want to know about the regular assets and expenses of the applicants. To access large mortgages, borrowers’ applications must be well managed and perform accurate, cost-effective calculations.

1. Failure to pay the fee higher than necessary

Lenders charge different fees and some charge much higher fees than others. Borrowers should therefore be careful not to overpay the fee.

1. Consider private banks

Some private banks offer special mortgages to wealthier customers and seek mortgages that meet the needs of high-value customers.

1. Ensure maximum mortgages amount

Lenders perform various assessments to determine the amount of the mortgage. As part of the mortgage application process, lenders reduce the amount borrowers can borrow when assessing borrowers’ income and expenses. Credit card and mortgage repayments, childcare costs, and many other monthly payments reduce applicants’ mortgage amounts. This increases the importance of approaching a lender with attractive acceptance criteria.

1. Pay off other debts.

When submitting a mortgage application, the lender looks at the debt-to-income ratio (DTI), a percentage of their monthly income. If the DTI ratio is 36% or less, it is ideal for helping borrowers qualify for larger mortgages.

1. Increase credit score

Higher credit scores help borrowers get lower interest rates and, in many cases, get slightly larger mortgages. Having a higher credit score may allow borrowers to qualify for higher mortgages only to a limited extent. To increase your score, borrowers need to make sure they make all their payments on time. Also, not ask for more credit until they get a mortgage.

1. At least 20% deposit

If the borrowers’ deposit is at least 20% of the house price, there is no need to pay the private mortgage insurance (PMI). So, they may be able to get a larger mortgage. The PMI, which protects the lender if the mortgage is stopped, will be part of the borrowers’ monthly payments and can reduce the size of the mortgage. Increasing the deposit amount by more than 20% will further reduce the mortgage interest rate.

1. Add a joint borrower.

They were adding a borrower to a mortgage, especially if the borrower has strong credit and a steady income, which may help the lender to offer a larger mortgage to the applicant. The principal borrower’s income, together with the partner’s income, increases the total income that the lender can use to qualify for the mortgage.

1. Cash reserves

While cash reserves are not necessarily required to be eligible for a mortgage. Having additional assets in the bank or elsewhere can help borrowers qualify for larger mortgages.

The importance of using SWG Mortgage advisors

SWG Mortgage advisors specialise in large mortgages and have extensive experience in the financial sector of expensive property. They work with many lenders and borrowers throughout the year. So whether you are the first time buyers looking for the best deals, an overseas buyer or a commercial mortgage, SWG Mortgage advisors help you.

If you are looking for a large mortgage, SWG Mortgage advisors can explore potential financing regardless of your income complexity. SWG Mortgage advisors use assets such as personal pensions or overseas stocks to get the best possible mortgage terms.