Millionaire Mansion

 

Author: Dot Piper

  (remortgages)

In some ways its best not to be a millionaire. Honestly. When it comes to getting a mortgage, for instance.

There has been an immense increase in the property market for homes valued at £1m plus, according to Land Registry figures. This demand is in some part explained by the excellent growth in the stock market, combined with an outstanding City bonus season. (life assurance)

This has not caused the avalanche of lenders which you might expect. Many of them are exercising a degree of caution when it comes to the more affluent mortgage seeker. Surprisingly, the really good deals go to the smaller borrower. There is the launch of a headline making, spectacular, never to be beaten, amazingly low mortgage quotations , which sounds too good to be true. In reality the amount of money which lenders have available at this rate will be very limited and certainly not available for large loans. Also, bigger is not always better, and many lenders would prefer to lend 10 borrowers £200,000 rather than one loan of £2m, in order to spread the risk.

It is, however, beginning to get easier to find lenders willing to fund the loans on houses valued at £1m or more, as the number of properties in these price brackets rocket. Recent figures from the Land Registry show a massive increase in the number of houses sold for more than £1m.

Click here for page 2 (mortgage deals)

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Did you Know?
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