Mortgage On A £3m House  

Mortgage on a £3m house

Buying a high value property may be a once in a lifetime event, and certainly not a frequent transaction. We take a look at factors that need to be considered, including the amount of deposit required, the monthly mortgage payments and which lenders are the best for a mortgage on a £3m house.

Factors and services to consider for a £3m house purchase

When buying a property there are various costs to consider, these are;

Stamp Duty on a £3m house

Stamp duty is tiered and at £3m the cost of stamp duty will be at the highest level of 12% but a blended rate of 9.13% at a cost of £273,750. You can calculate stamp duty using our stamp duty calculator.

Higher levels of stamp duty may be applicable if you own other property or are not resident in the UK due to various stamp duty surcharges.

However, for a high value property there may be stamp duty reliefs such as multiple dwellings relief if there are various properties on the one title or commercial stamp duty application if the property has significant acreage or commercial buildings. Should you wish to consult on the applicable stamp duty payable, then we would encourage you to engage with a stamp duty expert. We would recommend consulting with Sean Randall of Blick Rothenberg.

Legal fees

Working with the right solicitor is key when acquiring a high value property, you will want to engage with an efficient firm who will be familiar with ensuring the property title is legally sound, local searches clear and one who is capable of negotiating more complex high value transactions with the vendor’s legal team. We recommend Nicola Kravitz from Memery Crystal for high value transactions.

Structural Survey

A high value purchase will be one of the most significant transactions of your life therefore, you will want to ensure the property is of sound build and be aware of the potential improvements required.

Home Search Agent

Finding the right property can take time and you may need to move quickly when the right opportunity comes along. 

Home search agents are constantly reviewing the market and keeping in touch with agents and home owners, they offer an exclusive view of the market and opportunities. They save you time and offer invaluable expertise in negotiating outcomes.

We work with several homesearch agents who specialise in certain areas, please get in touch if you would like a recommendation.

Calculate the total amount of mortgage you need to borrow and Determine the monthly payment.

When buying a property for £3,000,000 we know that the stamp duty cost will be circa £273,750, therefore the base cost will be £3,273,750






Mortgage Required





Loan to Value





Mortgage Rate – Estimated





25 Year Term, Monthly Payment





Which lenders are best for a large mortgage

As you can see from the table above, high loan to values are attainable for £3m properties, but the same lender would not necessarily offer the best terms for an 85% Loan to Value mortgage and a 60% Loan to Value. Some lenders specialise in providing large mortgages beyond £2,000,000 and are happy to offer these at higher loan to values.

Therefore there are various options in this regard; there will be private banks that offer great solutions for large loans or high net worth exemptions. However, the high street lender and building society can also present good value and underwriting in the large loan space.

Working with the best team as set out earlier is key. Therefore, you are well informed before starting your property search.

For mortgage advice, engage with a large loan broker who understands this market and ensures you have access to all the key specialist lenders and private banks.

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