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Some of the biggest banks and building societies have increased their mortgage rates over the last few days, including Nationwide, HSBC and Halifax. Despite the rising rates, most mortgages are still well-priced.

Nationwide for Intermediaries offers a two-year fixed-rate mortgage at 3.87% and the lender has a five-year fix at just below 3.99%. These rates undercut many of the other big banks and building societies.

Nationwide’s most competitive rate is 3.87%, and it is available for homebuyers to borrow between £300,000 and £5 million. There is a £1,499 arrangement fee, and applicants must make a 40% deposit to qualify. The sub 3.99% five-year fix has the same minimum and maximum loan sizes and the same arrangement fee.

Aaron Strutt, product director at Trinity Financial, says: "Mortgage rates have been edging up recently, and while they are more expensive, they still offer good value for money. It seems likely that other lenders will push up their rates this week. Not all lenders are increasing their rates; some specialist providers are actually cutting prices. For example, Kensington has reduced its prices by up to 0.44%.

"One of the good things about Nationwide is the way borrowers can book a rate for up to 90 days, providing a mortgage offer is produced in that time. Other lenders do not allow their decisions in principle to last so long."

Representative example: A capital and interest Nationwide mortgage of £400,000 payable over 30 years, initially on a two-year fixed rate basis at 3.87% for two years and then on the lender's 6.74% standard variable rate for the remaining 28 years. The 3.87% rate would require 24 monthly repayments of £1,879.80 followed by 336 payments of £2,552.95. The total amount repayable would be £904,420.40 made up of the loan amount, plus interest (£502,906.17) and £1,499 (product fee), £65 (final repayment charge), £15 (completion fee). The overall cost for comparison is 7.1% APRC representative.

Greatest number of low-deposit deals for 17 years: Moneyfacts

The number of mortgage deals available for borrowers with a 10% or 5% deposit reached its highest level for 17 years this month, figures from Moneyfacts show. There are 464 deals for those with a 5% deposit and 896 deals with a 10% deposit, meaning a combined total of 1,360 product options for borrowers with a deposit of 10% or under. There are also more lenders offering really low deposit mortgages for those with less than 5% to put down.

Call Trinity Financial on 020 7267 9399 to secure a mortgage, book a consultation, or complete our mortgage questionnaire. 

The information contained within was correct at the time of publication but is subject to change.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage

Farmhouse mortgages to buy Alan Titchmarsh's stunning £3.95 million listed home 

There are numerous factors to consider when purchasing an expensive country house with land, particularly when seeking a multi-million pound mortgage. 

While there is a good choice of banks, building societies, and private banks offering larger mortgage loans, they can be picky about properties and the applicants and their finances.

Because Manor Farm House is a 17th-century high-value, Grade II listed home with land (4+ acres, outbuildings, special features, etc.) near Alton, Hampshire, lenders will be much more “bespoke” in their approach.

Aaron Strutt, product director at Trinity Financial, says: "Clearly this is a really stunning property and you would rightly assume most lenders would be keen to issue mortgages, but there are some complexities about the property that may put them off. More lenders are issuing competitively priced £1 million+ mortgages at the moment, and our brokers have a track record of getting country house mortgages agreed."

Some of the key issues with buying Alan Titchmarsh's stunning home include:

• Valuation issues: It seems likely the property valuer any lender sends to inspect the property is going to love it, but the listed status, outbuildings, gardens, and ancillary accommodation may complicate valuation.

• Deposit/equity: Lenders usually want a larger deposit / lower loan-to-value on high-value homes. Especially if the client needs to use a private bank or a more conservative lender, but Trinity's brokers have access to one private bank that would lend on this property with a 10% deposit, provided the client is wealthy enough. 

• Income & wealth: A Higher income is required; assets (investments, savings, other properties) will be scrutinised. For a £3 million mortgage, applicants will probably need to earn around £675,000.

• Affordability & stress tests: Interest rate rises, maintenance costs of a large home, listed property maintenance, etc, will be factored. For higher earners, it is possible to borrow around five times salary. 

• Private / High Net Worth (HNW) lenders: Not all lenders offer mortgages over say £2 million or £3 million, but many of them do. 

Which lenders can and do offer mortgages for properties in this price range

Here are lenders & types of providers that are likely to consider mortgages on such a property, and what their features are:

What documentation would you need to show?

To place a successful application on a property like Manor Farm House, you’d likely need:

1. Strong equity or deposit: Probably at least 10%-25%, depending on lender, possibly more. If you can bring 30-40% that gives more options.

2. Clear proof of income / assets: Salary, bonuses, investment income, perhaps trust income, foreign income if applicable. If self-employed, several years’ accounts.

3. Good credit history. Very clean up front.

4. Valuation reports: Given the listed status is grade two, this should not be an issue with most good lenders. 

5. Maintenance or running cost estimates: Lenders will want to see that the cost of owning (insurance, upkeep, listed building constraints) is manageable in your budget.

6. Flexibility in repayment: Some lenders require some capital repayment or will only allow interest-only or partial interest-only in certain circumstances. This is know as bullet repayments. 

Call Trinity Financial on 020 7267 9399 to secure a country house mortgage or book a consultation

The information contained within was correct at the time of publication but is subject to change.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage 

A webinar hosted by Joel Baseley, founder and director of Rampton Baseley, alongside Harry Evans, Head of Lettings at Rampton Baseley and Oliver Kenner from Quinta Law, for a clear and practical breakdown of the Renters’ Rights Bill - no jargon, no fluff.

You’ll discover the bill’s true intent, what’s changing (and what isn’t), and why landlords don’t need to worry. Our panel will also tackle the five most common myths, from fears about never regaining a property to concerns over rent rises, tricky tenants, profitability, and pets. Don’t miss this chance to get clarity and confidence on what the bill really means for you.

In England, there are approximately 4 million households in the private rented sector (i.e., privately rented homes) as of 2023-24, making the new Renters' Rights Bill a huge challenge to implement and manage.

Oliver Kenner from Quinta Law said in the webinar: "When the bill kicks in and landlords and tenants get used to it, it will be the norm." He added that it is essential to have a good estate agent to ensure you do not breach the rules, as there are strong penalties, including large fines.

CLICK HERE TO WATCH THE YOUTUBE WEBINAR.

Call Trinity Financial on 020 7267 9399 to secure a buy-to-let mortgage or remortgage, book a consultation, or complete our mortgage questionnaire. 

The information contained within was correct at the time of publication but is subject to change.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgag

Effective from Monday, 1st September, HSBC introduced changes designed to make home ownership more accessible—particularly for first-time buyers (FTBs)—and to provide greater flexibility for non-FTB customers.

HSBC for Intermediaries is the latest lender to start offering 5.5 times salary mortgages to first-time buyers, providing single applicants earn £35,000 or joint borrowers have a combined income of at least £55,000.

Aaron Strutt, product director at Trinity Financial, says: "So many of HSBC’s rival lenders are offering higher income multiples that the bank probably decided it needed to make the change to keep up with the competition, as well as to help more first-time buyers borrow the money they need to get on the property ladder."

Improved Mortgage Income Multiples for HSBC's Non-First-Time Buyers

HSBC has also implemented positive changes for non-first-time homebuyer mortgage customers.

For applicants with an income between £45,000 and £100,000 (exclusive), HSBC has increased the maximum loan-to-income from 4.75x to 5.00x income, where the applicant has a deposit of at least 15% of the property value. 

Summary of HSBC's Mortgage Affordability Changes

Here’s an overview of the updated HSBC lending multiples:

If you’d like to discuss how these changes could benefit you, our team is here to help.

Call Trinity Financial on 020 7267 9399 to secure a first-time buyer mortgage or book a consultation

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage 

Fixed rate rises on the way?

A selection of mortgage lenders have increased the price of their fixed rates in recent weeks, but two-year fixes are still available from 3.75% and five-year fixes from 3.90%.

Santander and NatWest have increased their rates, and Leeds Building Society has also announced rate rises. Barclays has just raised many of its rates by 0.1% and pushed up its three-year fix to 3.95% for mortgages up to £2 million. 

Aaron Strutt, product director at Trinity Financial, told The i newspaper: “The cost of funding mortgages has been edging up and government borrowing costs are higher, so we have been expecting a few price hikes. There is economic uncertainty at the moment, so it is worth locking in to a fixed deal if you are buying somewhere or need to remortgage.”

Trinity's brokers can reserve mortgage rates for borrowers through Nationwide Building Society for up to 90 days. The lender has many of the cheapest rates on the market.

Mortgage approvals up 

Mortgage approvals for house purchases in the United Kingdom rose to 65,400 in July, up by 800 from June, as the property market continues to see the Bank of England on a rate-cutting path.

Net borrowing of mortgage debt by individuals decreased by £0.9 billion to £4.5 billion in July, compared to a £3.2 billion increase of net borrowing to £5.4 billion in June.

Call Trinity Financial on 020 7267 9399 to secure a mortgage or book a consultation

The information contained within was correct at the time of publication but is subject to change.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage 

The size of the deposit you need to buy a £1 million house depends on the mortgage lender you approach and your income and financial assets. The absolute minimum required is £50,000, although applicants will need £100,000 or £150,000 deposits for most lenders. 

Trinity Financial has access to various mortgage lenders offering 5% deposit mortgages for £1 million properties. Two larger lenders are private banks, and one is through Kent Reliance for Intermediaries. 

Securing a 10% mortgage if you buy a £1 million property is more straightforward. Trinity Financial has access to lenders like Santander for Intermediaries and Clydesdale Bank for Intermediaries, which offer these mortgages.

CLICK HERE TO VIEW OUR £1 MILLION BEST BUY TABLE.

Aaron Strutt, product director at Trinity Financial, says: “It is possible to secure lower deposit mortgages to buy £1 million properties, but it is subject to mortgage affordability and credit scores.

"The mortgage loan size will be reduced if you have credit cards, loans, cars on finance, or private school fees. However, if you have investments, buy-to-let properties, or other income, it may be possible to use the funds to boost your affordability.

"To access the most competitively priced rates, borrowers typically need a 40% deposit for the lowest rates currently around 4%, but with a 5% deposit mortgage through lenders like Investec, the rate will be around 5.65%.”

Assess Your Financial Position

Before applying for a £1 million mortgage, you need to understand your finances:

• Income Requirements: Lenders typically offer 4 to 5.5 times your annual income. For a £1 million mortgage, you’ll likely need an income of £180,000–£250,000 annually (depending on other factors like debts and outgoings). Some building societies offer six times salary mortgages, but you need a larger deposit to qualify. 

• Credit Score: Ensure your credit score is excellent, as large mortgages often require top-tier creditworthiness. Before you apply for a mortgage, it is worth getting a copy of your credit report and ensuring there are no errors or potential issues. 

We are speaking to more people with credit blips, which means they struggle to get mortgages through high-street lenders. Some banks and building societies accept applications from borrowers when they can explain what happened or when they have minor financial issues. 

• Affordability Assessment: Lenders evaluate your monthly expenses, including existing debts, household costs, and dependents. They typically want to see bank statements, payslips, tax returns, and company accounts if you are self-employed. 

Types of Mortgages

For a £1 million mortgage, consider the following options:

• Repayment Mortgage: You repay both interest and capital monthly. This is best if you want to fully own the property at the term's end. Many lenders allow up to 10% of the mortgage to be repaid each year without charge, and some lenders allow 20% overpayments. 

• Interest-Only Mortgage: You pay only the interest each month, with the capital repaid at the end of the term. Suitable if you plan to repay the capital (e.g., investments or asset sales). Some lenders allow borrowers to take a part interest-only and part capital repayment to lower the monthly costs while ensuring some of the mortgage is repaid. 

• Fixed-Rate Mortgage: Your interest rate stays the same for a set period (e.g., two, five, or 10 years). This type of mortgage is good for stability. Most borrowers opt for two—or five-year fixes, and the price difference between these rates has reduced in recent months. 

• Variable-Rate Mortgage: Interest rates fluctuate with the market and Bank of England base rate changes. Options include trackers (linked to the Bank of England base rate) or standard variable rates (SVRs). Some lenders offer variable rates without early repayment changes.

Additional Costs Beyond the mortgage itself, consider these costs:

• Stamp Duty: For a £1 million property in England, Stamp Duty is around £41,250 (assuming it’s your primary residence). The amount of Stamp Duty you pay will vary depending on whether you are buying your first home, moving up the property ladder or buying a second property. Click here to use our Stamp Duty calculator. 

• Legal Fees: Solicitors typically charge £1,500–£3,000 for conveyancing. Many of Trinity's clients use SAS Daniels solicitors. 

• Valuation and Survey: Expect to pay £500–£2,000, depending on the survey type. Mortgage lenders often provide a free standard property valuation, which does not include a detailed survey. They often rely on their IT systems to value a property rather than sending a valuer to inspect it. If you want a thorough inspection, you need to appoint a firm. We have Alexander Lyons on our partners' page. 

Call Trinity Financial on 020 7267 9399 to secure a mortgage, book a consultation, or complete our mortgage questionnaire. 

The information contained within was correct at the time of publication but is subject to change.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage