Million pound mortgages under threat

However, private banks are likely to step into the fore, allowing high net worth clients to purchase expensive properties. HFM Columbus says many lenders will offer mortgages of up to £1m, but just one pound over this amount and the options available to borrowers become very limited. “Assuming you can find a lender prepared to arrange a loan in excess of £1m – and we are talking about barely a handful – the fees become crippling, even for those with up to 50% loan to equity,” explains Gary Festa, director at HFM Columbus. “Barclays, traditionally a major player in this high net worth mor...