Demand for million-pound mortgages is rising significantly faster than the wider mortgage market, according to new figures from specialist mortgage broker Enness Global.
Between 1 January and 11 September 2026, Enness Global recorded 28 new UK residential remortgage opportunities of £1 million or more, exactly double the 14 recorded during the equivalent period last year. By comparison, the total number of UK residential remortgage opportunities recorded by Enness Global increased by 23%, from 53 to 65. This means £1 million-plus borrowing now accounts for 43% of Enness Global’s UK remortgage opportunities, up sharply from 26% during the corresponding period in 2025. Demand further up the market is also increasing. £2 million-plus remortgage opportunities rose from seven to 12, an increase of 71%.
£1m mortgages are growing nearly three times faster than the wider Enness market
The increase is not restricted to remortgaging. Across all UK residential mortgage business, Enness Global recorded 73 new £1 million-plus opportunities between 1 January and 11 September this year, compared with 50 during the same period in 2025. That represents growth of 46%. Across the company’s entire UK residential mortgage book, opportunity volumes increased by 17%, from 200 to 234. The share involving borrowing of £1 million or more has consequently increased from 25% to 31%. Almost one in three new UK residential mortgage opportunities recorded by Enness is therefore now for £1 million or more.
The growth is happening at £1m–£2m — not just in the super-prime market
The figures also challenge the assumption that growth in large mortgages is simply the result of a handful of ultra-wealthy borrowers purchasing £10 million or £20 million homes. The fastest growth by volume has been in mortgages between £1 million and £2 million.
Enness Global recorded 52 mortgage opportunities in this bracket during the 2026 period, compared with 34 during the same period in 2025 — an increase of 53%. The figures suggest that the million-pound mortgage is increasingly becoming part of the broader high-value UK housing market, rather than being confined to the very top end of the market.
“£1 million is no longer the dividing line between a mortgage and private banking”
Islay Robinson, CEO of Enness Global, said:
“The £1 million mortgage has changed considerably. Historically, once borrowing reached seven figures there was an assumption that the client needed a private bank. That simply isn’t true anymore. Do you need a private bank for a £1 million mortgage? Not necessarily.
“A mainstream lender may be the best answer for one borrower. A building society may be better for another. Somebody with complex income, substantial investment assets or an unusual repayment strategy may still be much better suited to private-bank underwriting. £1 million itself is no longer the dividing line between an ordinary mortgage and private banking.
What is particularly interesting in our figures is where the growth is coming from. £1 million-plus remortgage opportunities have doubled in a year, while our overall remortgage activity has risen by 23%. And this isn’t simply four or five enormous mortgages distorting the figures. The number of £1 million to £2 million cases is up 53%. That is becoming a sizeable mortgage market.”
Why are £1m remortgages increasing?
Enness Global believes several factors are converging. More borrowers who bought or refinanced during earlier low-rate periods are reaching the end of their existing mortgage arrangements with substantial outstanding balances.
At the same time, competition for higher-income borrowers has increased and lenders have become more willing to provide large mortgages through dedicated underwriting teams. Borrowers are also increasingly using remortgaging for purposes other than simply replacing an expiring fixed rate. These can include raising capital for another property purchase, investment or renovation; restructuring existing debts; or increasing liquidity without selling other assets. The trend comes as the broader UK refinancing market also strengthens.
The latest FCA figures show gross mortgage advances of £77.4 billion in Q2 2026, 31.7% higher than a year earlier. Owner-occupier remortgaging represented 31.2% of advances, its highest share since Q1 2024.
Small rate differences become large amounts of money
The financial effect of shopping around becomes more pronounced as mortgage sizes rise.
On an interest-only mortgage, a 0.25 percentage-point difference in pricing would cost an additional £2,500 a year on £1 million of borrowing, rising to £5,000 a year on £2 million and £12,500 a year on £5 million.
Robinson added:
“The bigger the mortgage, the less sense it makes to assume that the lender you’re already with will necessarily be the right lender for the next five years. On a £2 million mortgage, a quarter of one percentage point is £5,000 a year. That is before you get into differences in fees, flexibility, early-repayment charges or how a lender assesses income. The large-mortgage market is becoming significantly more competitive, but also more complicated.”
