With the housing market is now showing marked signs of recovery, especially in the South and London, the number of homeowners mortgaging for more than 500,00 is increasing. (Also see Latest Market Facts at the end of this article.)
Previously, prospective borrowers for these mega mortgages have experienced a mixed reception from the lenders sometimes the lenders would provide the facility but viewed them as higher risk. For that reason lenders typically charged a premium rate of interest. But no longer. The tide has turned.
Mega mortgages have well and truly joined the mainstream and lenders are now competing hard for the business. Instead of facing a premium, borrowers are being offered around a quarter of a percent less than comparable deals for more normal sized mortgages. This is because lenders are increasingly basing their lending decisions on the borrowers ability to afford the mortgage with lesser emphasis being placed on the security provided by the property. It also helps that interest rates remain low.
If youre a potential mega mortgage borrower, youll find that the banks will generally be the most welcoming. Compared to building societies and...
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