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250k plus mortgages increase
With property prices forever going upwards in the UK you may find yourself looking for a bigger mortgage but you may find it more and more difficult to get the good deals that used to be out there.
There are fortunately some lenders who specialise in very large mortgages for UK houses and the UK market is still very stable compared to the rest of the worldwide market. Main lenders that you may find in the high street however may not offer the best deal. Their rates for very large mortgages may not be as competitive as those aimed at more normal mortgage sizes. One thing to take into consideration when treying to get a large mortgage would be what the lender takes into consideration when assessing how much they can lend you. Most lenders will only take into consideration the amount of salary that you earn or tahat of you and your spouse added together. However if you have other avenues of income then you should find a lender that will look at these as well. Some lenders will look at the other investmetns, shares and stocks that the couple may have invested and use this to incresase the amount that may be available.
The most important point is to look for a mortgage broker who understands these issue and can advise accordingly. Questions to ask would include whether capital gains may be payavble on any large cash back mortgage. What relevenat insurances are sensible given the larger sums involved. What are the likely increased running costs involved when purchasing a large property that may be grade I or grade II listed.esign you have planned for your property.
15 September 07
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