Heron Financial arranged a £1,174,000 mortgage at 71% LTV for a home mover in Reading, purchasing a £1.65m detached house with £476,000 of equity rolled over from the sale of the existing home. With the loan size crossing into seven-figure territory, the priority was placing the case with a mainstream lender at competitive pricing rather than defaulting to private banking. Heron Financial placed the case with TSB on a fixed rate at 4.24%, and the mortgage completed in December 2025.
The client
The client was a home mover working at a senior executive level in the rail and infrastructure sector, upsizing into a £1.65m detached family home in Reading. They were selling their existing property and rolling £476,000 of sale equity into the deposit on the new purchase, a substantial deposit by any measure, and the lever that landed the case at a comfortable 71% LTV despite the headline loan size.
They came to Heron Financial wanting strong, clean advice on what to do with a seven-figure loan. The assumption in some corners of the market is that anything over £1m belongs at a private bank. Sometimes that’s true, particularly where the client wants bespoke structures, asset-backed lending, or interest-only on a complex income. For a straight repayment loan against a strong employed income, mainstream lenders can be sharper on rate and simpler on process.
The case at a glance
- Buyer: Solo home mover, employed
- Nationality: British
- Occupation: Commercial Director (rail and infrastructure sector)
- Property type: Detached house
- Location: Reading
- Purchase price: £1,650,000
- Deposit: £476,000 from property sale (approx. 29%)
- Loan amount: £1,174,000
- LTV: 71%
- Lender: TSB Bank plc
- Product: Fixed Rate at 4.24%
- Repayment method: Capital and interest
- Completion: December 2025
The challenge
A seven-figure mortgage on the high street isn’t unusual, but it isn’t a default either. The case worked cleanly because several things lined up:
LTV at 71%. Sub-75% LTV is one of the bands lenders treat most comfortably for large loans. Many high-street lenders cap their lending at 75% or 80% LTV above £1m, with tighter caps as loan size climbs further.
At 71%, the case was firmly inside the LTV bracket where the widest range of mainstream lenders are open for business.
Income multiple at this loan size. A £1,174,000 loan on standard 4.5x lending implies an income of c.£261k+. Many lenders cap loan-to-income multiples more strictly on very large loans; others offer specific higher-LTI tiers for higher earners with strong profiles. Lender choice depended on the income approach working cleanly without needing exception underwriting.
Sale equity coordination. £476,000 of equity flowing from the sale of one home into the purchase of another needs to land in the right place at the right time. The chain coordination, exchange and completion timings all had to align so the deposit was available when the mortgage drew down.
Property value over £1.5m. Above £1.5m, some lenders apply additional underwriting (more detailed income verification, additional credit checks, more conservative valuation tolerances).
The case needed a lender comfortable at this property value as well as at the loan size.
Why not a private bank. Private banks add value when there’s complex income (carried interest, deferred bonus, share schemes), asset-backed lending requirements, or specific structuring needs. For a clean employed income on a repayment mortgage, mainstream high-street pricing is typically materially sharper than private bank pricing, sometimes by 50 to 100 basis points or more.
How Heron Financial approached the recommendation
The Heron adviser focused on three things: lender appetite at the loan size, income multiple fit, and product choice.
Lender mapping for £1m+ at sub-75% LTV. Heron Financial narrowed the panel to lenders genuinely comfortable with seven-figure lending at 71% LTV on a higher-value property. The list of lenders prepared to lend over £1m on standard high-street terms is shorter than the comparison sites suggest, but several mainstream names are firmly in the market.
Income multiple check. The adviser confirmed the £1,174,000 loan sat within TSB’s loan-to-income limits for a borrower of this profile, rather than relying on exception underwriting.
Sale coordination. The mortgage application was structured to align with the sale completion of the existing property, so the £476,000 equity flowed cleanly into the purchase deposit without bridging or short-term lending in the middle.
Lender choice. TSB was the right home for this case. They operate in the large-loan space on the high street with workable criteria at higher loan sizes and higher property values, and offered competitive pricing at the 75% LTV band without requiring the client to step outside standard high-street lending.
Product. A fixed rate at 4.24% gave the client payment certainty on a meaningful loan commitment. At seven-figure loan sizes, a 50 basis point difference is worth roughly £5,000 per year on the monthly payment, payment certainty and the right rate genuinely matter.
The outcome
The mortgage completed in December 2025. The client moved into their new home with:
- A £1,174,000 mortgage at 71% LTV
- A fixed rate at 4.24% on capital and interest repayment
- A clean coordination between sale and purchase completions
- High-street pricing on a seven-figure loan, without defaulting to private banking
What this means for buyers in a similar position
If you’re upsizing into a higher-value home and the loan size is heading into seven figures, the default assumption, that you need a private bank, is often wrong. Mainstream high-street lenders genuinely lend at £1m+ when the LTV is sensible (typically 75% or below) and the income stands up to the loan-to-income multiple. The right route depends on the shape of your income. Clean employed income on a repayment basis usually sits better on the high street than at a private bank, and the rate difference can be substantial. Where private banks earn their keep is on complex income structures, asset-backed lending, or where the wider banking relationship matters. A broker who works across both worlds can tell you honestly which is the right fit.
FAQs
Can you get a £1 million plus mortgage on the high street?
Yes. Several mainstream UK lenders, including TSB, lend at £1m+ on standard high-street terms, particularly at 75% LTV and below. Above £1m, lender criteria around LTV caps, loan-to-income multiples and underwriting depth tighten, but private banking is not the only route. For clean employed income on a repayment basis, the high street is often the sharper option on rate.
What is the maximum loan-to-income multiple for large mortgages?
Standard mainstream lending caps at 4.5x income, with some lenders offering higher multiples (5x, 5.5x or 6x in some cases) for stronger profiles or certain professions. Loan-to-income limits often tighten on very large loans, so the practical maximum depends on the lender, the LTV, and the borrower’s profile.
When should I use a private bank for a mortgage instead of a high-street lender?
Private banks add value when income is complex (carried interest, deferred bonus, share schemes), when asset-backed lending or interest-only is needed, or where the wider banking relationship matters. For clean employed income on a repayment mortgage, mainstream high-street lenders are typically materially sharper on rate. A broker who works across both can advise honestly on the right fit.
Does a high-value property need a specialist mortgage?
Not always. Mainstream lenders lend on properties up to and beyond £1.5m on standard terms, with some additional underwriting around income verification and valuation. Specialist or private bank lending becomes more relevant on properties over £2m, on unusual property types, or where the lending need is bespoke.
How much deposit do you need for a £1.65m house?
At 75% LTV you’d need a 25% deposit, £412,000. At 70% LTV, £495,000. At 60% LTV, £660,000. At higher LTVs (80%+), the deposit drops but lender choice narrows and pricing typically weakens. The “sweet spot” for large loans is usually 70–75% LTV.
