Market Harborough increases maximum mortgage loan size to £2.5 million
Market Harborough Building Society has increased its maximum mortgage loan size from £1.7 million to £2.5 million.
The lender uses a loan-to-value banding system to work out the maximum loan but it also uses affordability based calculations.
For a mortgage between £750,000 and £1 million, applicants will need a 25% to qualify. For mortgages between £1m and £1.7m they will need a 30% deposit. For mortgages between £1.7m and £2.1m borrowers will need a 40% deposit, and this increases to 50% for mortgages between £2.1m and £2.5m.
Aaron Strutt, product director at Trinity Financial, says: “The most competitively priced large loan rates are available through the biggest lenders and they often have specialist large loan team to agree on applications for clients with more complex financial situations.
“It is quite surprising how many of the smaller building societies offer large mortgage loans to wealthier clients who struggle to get a mortgage agreed by their own lender.”
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