Barclays for Intermediaries is offering a highly competitive 1.18% two-year tracker for mortgages between £500,000 and £2 million. This rate tracks the Barclays Bank Base Rate (BBBR) plus a margin of 0.93%.
At the end of the tracker period, the mortgage reverts to 3.74% - which is 3.49% over the BBBR. The overall cost for comparison is 3.40% APRC.
Aaron Strutt, product director at Trinity Financial, says: “If you are looking for a larger mortgage loan there are some great rates available at the moment. Barclays is one of the few lenders offering up to 5.5 times salary mortgages and it has a range of fixed rates.
“The bank will provide a free valuation for properties up to £2 million, and borrowers can overpay up to 25% of the outstanding balance per annum. In order to work out how much the bank will lend our clients, we have access to an affordability calculator and the bank's high net worth underwriters.”
The 1.18% rate has a £1,999 arrangement fee and 1% early repayment charges for the first two years. Applicants will need a 40% deposit to qualify and they will need to earn £100,000 to qualify for interest-only.
Representative example: A mortgage of £500,000 payable over 25 years, initially on a tracker rate for 24 months at 1.18% and then on a variable rate of 3.74% for the remaining 23 years, would require 24 monthly repayments of £1,925.38 followed by 276 monthly repayments of £2,515.58. The total amount repayable would be £743,289.20 made up of the loan amount, plus interest (£240,509.20) and fees of £1,999. The overall cost for comparison is 3.40% APRC representative.
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
To secure a larger mortgage loan call Trinity Financial on 020 7016 0790.