***This rate has been withdrawn - wef April 20, 2017.
Digital Mortgages by Atom Bank has marginally increased the price of its record low 1.29% five-year fix to 1.34%.
At the end of the fixed period, which expires on 30 June, 2022, the mortgage reverts to the bank's 3.75% variable rate. The overall cost for comparison is 2.89% APRC.
To access the 1.34% rate you will need a 25% deposit and a smartphone to download the bank's app. You will also need to accept, complete and service the mortgage online.
Aaron Strutt, product director at Trinity Financial, says: “Even though Digital Mortgages has pulled the lowest ever five-year fix, it's replacement still comfortably undercuts the other banks and building societies. The maximum loan size is £750,000 - although it is capped at £300,000 for first-time buyers.”
The 1.34% five-year rate has a £900 arrangement fee and an early repayment charge until 30 June 2022. There is a free property valuation with property purchases and remortgages.
Representative example: A mortgage of £250,000 payable over 25 years, initially on a fixed rate for 5 years at 1.34% and then on a variable rate of 3.75% for the remaining 20 years, would require 60 monthly repayments of £981.16 followed by 240 monthly repayments of £1,224.09. The total amount repayable would be £353,986.20 made up of the loan amount, plus interest (£102,651.20) and fees of £999. The overall cost for comparison is 2.89% APRC representative.
Call Trinity Financial on 020 7016 0790 to secure a five-year fix through Digital Mortgages.