Remortgaging £1,000,000: Private Banks, Bespoke Underwriting and the Best Deals

Income, Wealth and Affordability at £1,000,000

At a mainstream lender applying 4.5x income, a £1,000,000 mortgage requires gross income of £222,222. At 5x the requirement is £200,000. These figures sit at the very top of the UK income distribution and exclude the majority of borrowers from high-street access at this level without a joint application or additional support. Joint applications from senior professional couples — two partners earning £120,000 each, for example — can satisfy 4x–4.5x criteria with combined income of £240,000.

Private banking models the assessment differently. Rather than applying a rigid income multiple, private banks consider total net worth, investable assets, pension values, business equity and property wealth alongside income. A borrower with £500,000 in investment accounts and a £2,000,000 property portfolio might be offered a £1,000,000 mortgage by a private bank even if their income alone would only support £700,000–£800,000 through a standard lender. Coutts, Arbuthnot Latham, Hampden and Co., C. Hoare and Co. and Weatherbys Private Bank all operate this model.

High-net-worth mortgage declarations are a formal FCA framework that allows qualifying borrowers to opt out of standard affordability assessments. Borrowers with net income exceeding £300,000 or net assets exceeding £3,000,000 can self-certify as high-net-worth, allowing lenders to apply bespoke criteria. This framework is most relevant for borrowers whose asset base far exceeds what standard income-multiple calculations would support — asset-rich, lower-current-income borrowers are its primary beneficiaries.

Stress testing at £1,000,000 can be rigorous. At a 7.5% stress test rate, a £1,000,000 loan would require monthly payments of £7,392. Most lenders will want assurance that the borrower could service this level of payment from existing income or liquid assets. Demonstrating this clearly — often through a structured summary prepared by a broker or wealth adviser — is a key part of application preparation.

Rates, Costs and Lender Comparison

At 4.3% on a 25-year repayment basis, a £1,000,000 remortgage costs £5,444 per month — £65,328 per year. At 4.0% the monthly payment falls to approximately £5,278. The difference between a 4.0% and a 4.5% rate over a five-year fixed term amounts to over £30,000 in total payments, making rate negotiation and whole-of-market comparison financially imperative at this loan size.

Arrangement fees deserve particular attention. A standard £1,999 product fee added to a £1,000,000 loan at 4.3% generates roughly £3,200 in additional interest over 25 years. However, some private banks charge significantly higher arrangement fees — sometimes 0.25%–0.5% of the loan amount, equivalent to £2,500–£5,000 on a £1,000,000 mortgage. These fees can be justified by bespoke underwriting, rate competitiveness or the broader relationship offered, but they should be included in the total cost comparison.

Private banking rates are not always more expensive than high-street rates. In competitive conditions, Coutts, Arbuthnot Latham and others actively price to attract high-net-worth business, and their headline rates are frequently within 0.1%–0.2% of the best high-street products. The real advantage of private banking for a £1,000,000 borrower is often the underwriting flexibility and relationship service rather than a pure rate saving.

Best Lenders for £1,000,000 Remortgages

Among high-street lenders, Barclays is one of the most active at the million-pound level. Its Premier and Private Client mortgage services offer experienced underwriting for complex high-value cases, and its rates are consistently competitive. HSBC and its private banking arm HSBC Private Banking also lend at this level, with the private banking service available to customers with significant assets held with the group. Halifax — part of Lloyds Banking Group — lends at £1,000,000 and above for qualifying borrowers through its standard underwriting process.

Coutts (part of NatWest Group) is arguably the best-known private bank for UK high-net-worth mortgages. Its residential mortgage service is experienced, relationship-focused and capable of accommodating complex income and asset structures. The minimum relationship threshold for Coutts is typically investable assets of £1,000,000, though this is not an absolute rule. Arbuthnot Latham, headquartered in London, serves a similar market with a reputation for excellent service and flexible underwriting. C. Hoare and Co., founded in 1672, is the UK's oldest private bank and offers bespoke residential mortgages to longstanding clients.

For borrowers who do not meet private bank asset thresholds but have complex income structures, specialist lenders including Kensington, Aldermore and Together Financial can sometimes accommodate £1,000,000 mortgages where mainstream lenders cannot. These lenders use manual underwriting and can consider a wider range of income sources, though their rates are typically higher than the high-street and their lending at this level is not always guaranteed.

Navigating the £1,000,000 Remortgage Process

The documentation required for a £1,000,000 remortgage is extensive, and preparation several months in advance is strongly advisable. Beyond the standard payslips, P60 and bank statements, lenders at this level often request a full picture of your financial position: investment portfolio valuations, pension statements, details of any business interests, and sometimes a personal statement of net worth prepared by an accountant or wealth adviser. The more completely and clearly this picture is presented at the outset, the smoother the application process.

Valuations on properties supporting a £1,000,000 loan are invariably physical inspections by RICS-qualified surveyors, often senior specialists experienced in high-value residential property. The lender will instruct the valuation, but you should ensure the property is well presented and that any recent refurbishments or improvements are documented. If the property has unusual characteristics — extensive grounds, ancillary buildings, non-standard construction — be prepared for a longer valuation process and potentially a more conservative outcome.

Conveyancing at this level should be handled by solicitors experienced in high-value residential transactions. Complex title issues, complex leaseholds, restrictions and covenants are more common at the top of the market, and a solicitor unfamiliar with high-value work may take longer to resolve them. Budget £2,000–£5,000 for legal fees on a £1,000,000 remortgage, acknowledging that complex cases may cost more.

Build in a timeline of at least six months from engagement to completion. Applications at this level receive more detailed scrutiny, valuations take longer, and complex income assessments require additional time. Starting the process early eliminates the risk of ending up on a standard variable rate — which on a £1,000,000 mortgage can mean paying £3,000–£4,000 more per month than on a competitive fixed rate.