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Large Interest-Only Mortgage to Buy London Family Home for £3.5 Million – 22nd February 2021


Our client approached us after having an offer accepted to buy a house in North West London. The offer had been accepted on the basis that they would exchange contracts within two weeks, therefore requiring mortgage approval very quickly.


The client was a senior director at a private bank on a large compensation package including bonus and restricted stock units.



Getting mortgages approved within two weeks for large loans can be challenging, especially when lenders and solicitors are as busy as they are now. The broker acted immediately to find a high street lender that could provide a mortgage offer in the timescales required.


The client wanted the whole loan on interest only to free up disposable income for other investments. At 75% loan to value, this restricted the majority of lenders who cap the amount on interest only to 50% of the property value.



Due to the size of the loan, the application undergoes more thorough affordability checks than normal. The broker was able to use his contacts within the banks specialist large loan team to get the mortgage approved and offer issued within 10 working days.


The loan was granted on interest only by using the clients stocks portfolio as the repayment strategy.


Key figures:

Property value: £3.5 million

Loan amount: £2.6m million

LTV: 75%

Repayment type: Interest only

Product type: Fixed-rate

Interest rate: 1.63%