How to get a mortgage to buy a property on Britain’s most expensive streets
Some of the UK's largest banks and building societies are issuing £1 million+ mortgages to help wealthier buyers purchase stunning homes in the UK's prime property postcodes.
The most expensive street in Britain is Buckingham Gate in Westminster, a stone’s throw from some of central London’s world-famous landmarks, including Buckingham Palace. The average property price is over £9.6 million, according to data from Rightmove.co.uk.
Vicarage Gate in Holland Park takes second place, with an average asking price of just over £6.3 million. Park Road in St John’s Wood, with an average cost of a home of around £5.8 million, comes in third place. This is again according to data from Rightmove.co.uk.
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If you are considering buying an expensive home and need a larger mortgage, there are many options for higher earners depending on the size of their deposit. Ideally, borrowers need a 10% deposit, a clear credit history, and an aim to borrow between four and five times their single or joint salary.
Lenders can provide finance to foreign nationals, those with multiple sources of income in different currencies, company directors and potentially to trusts.
Aaron Strutt, product director at Trinity Financial, says: "Our brokers have access to a range of banks, building societies and private banks keen to issue £1 million+ mortgages to high net worth clients.
"Some banks like NatWest for Intermediaries do not really have a maximum loan size on their standard fixed rates, while others cap their loan sizes around £1.5 million. Private banks want to issue larger loans and ideally get borrowers to transfer banking or their investments in the future.
"It is surprising how many lenders offering the most competitively priced rates are keen to issue larger mortgages. There is competition between mortgage providers, although the prices of fixes and trackers rate, plus setup fees, vary quite substantially between the lenders. It pays to check you are getting a good deal."
| Street | Area | Average asking price |
|---|---|---|
| Buckingham Gate | Westminster | £9,633,333 |
| Vicarage Gate | Holland Park | £6,332,000 |
| Park Road | St John’s Wood | £5,814,285 |
| St John’s Wood Road | Maida Vale | £5,389,444 |
| Cadogan Square | Knightsbridge | £4,834,500 |
The graph above: Most expensive streets in London.
| Street | Town, County | Average asking price |
|---|---|---|
| Old Avenue | Weybridge, Surrey | £2,633,333 |
| The Ridgeway | Cuffley, Potters Bar, Hertfordshire | £2,289,286 |
| Manor Road | Chigwell, Essex | £2,219,444 |
| Swithland Lane | Rothley, Leicester | £2,024,000 |
| Norsey Road | Billericay, Essex | £1,800,000 |
Outside London, the graph above shows that the five most expensive streets are primarily found in the southern counties, with Old Avenue in Weybridge, Surrey, taking the top spot.
Source: Rightmove.co.uk
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The information contained within was correct at the time of publication but is subject to change.
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