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Most banks and building societies providing larger loans offer their cheapest ever £1 million+ mortgages, but Barclays has taken the price war to another level.

Barclays for Intermediaries has launched a 1.09% two-year fix and a 1.27% five-year fix for mortgages between £2 million and £10 million. Both mortgages have low £1,999 arrangement fees, and borrowers will need a 40% deposit to qualify. Early repayment charges apply, and after the fixed period, they revert to the lenders 3.59% standard variable rate. The APRC on the two-year fix is 3.1% and 2.7% on the five-year fix.

Aaron Strutt, product director at Trinity Financial, says: “Over the last few months, more of the lenders have started offering super-cheap larger mortgage loans, and the best ones are getting closer to the 1% bracket. Most of the high street lenders offering big mortgages provide fixed rates, but some tracker rates are available without early repayment charges.  

“Halifax recently launched a selection of fixes available for mortgages between £1 million and £5 million and prompted some of the other lenders to reduce their rates.”  

Which lender has the most generous interest-only policy? 

Santander for Intermediaries has one of the best interest-only mortgage policies in the industry, and it also has some great rates available for slightly smaller loans. The bank provides up to 75% of the mortgage on interest-only if you meet the lender's minimum £250,000 income requirement.  

Part interest-only and part capital repayment mortgages are also available up to 85% loan-to-value, and they are popular with borrowers keen to manage their cash flow. 

Click here to view our £1 million+ mortgage best buy table.

Call Trinity Financial on 020 7016 0790 to secure a large mortgage loan or book a consultation  

FAQs

What happens if you have a 25% or 30% deposit and you want a £1 million+ mortgage?

Trinity Financial has access to a range of lenders offering larger mortgage loans to borrowers providing they have a 10% or 15% deposit. 

Some of the high street lenders will provide £2 million mortgages if you have a 20% or 25% deposit but there are also private banks offering great rates if you have a 10% or 15% deposit.

Why do the high street lenders offer £1 million+ mortgages?

Many of the high street lenders have set up specialist teams to process these high-value applications. While many of the larger loans are for borrowers with more complex finances there are a lot of more straightforward applications. 

The banks and building societies can put as much work into processing a £100,000 mortgage as a multi-million mortgage, and with funding so cheap, one deal can be the equivalent of ten or twenty mortgages smaller ones.

Halifax recently started competing with the other lenders by cutting the price of its larger loan rates and helped spark another price war.

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