Barclays offering 1.42% tracker for mortgages over £1 million
Barclays for Intermediaries is offering a 1.42% two-year tracker for mortgages between £1 million and £3 million. It is priced at 1.17% over the Barclays Bank Base Rate (BBBR).
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 2.2% APRC.
Aaron Strutt, product director at Trinity Financial, says: “If you are looking for a larger mortgage loan, there are some fantastically cheap fixed and tracker mortgages available.
“There are not as many £2 million plus transactions at the moment, but there are still plenty of clients looking for £1 million loans.”
The 1.42% rate has a £1,999 arrangement fee and 1% early repayment charges for the first two years. Applicants will need a 40% deposit.
Interest-only mortgages
If you are looking for an interest-only mortgage, Barclays maximum income multiple will be capped at five times both single and joint salaries.
The mortgage term will be limited to 25-years, and you will need to borrow at least £300,000.
Barclays require clients to have a minimum gross income of at least £75,000 to qualify or have a combined joint gross income of at least £100,000.
The bank will also want to know how you intend to repay the mortgage and requires an acceptable repayment vehicle.
Monthly repayments
The monthly repayments on a £1 million mortgage priced at 1.42%, will be £3,961 over a 25-year term. They reduce to £1,183 on an interest-only basis.
Barclays also provide part interest-only and part capital repayment mortgages. They help to lower the monthly costs and ensure part of the mortgage will be repaid at the end of the term.
The lender allows 10% overpayments each year.
For help to obtain a large fixed or tracker rate mortgage, call Trinity on 020 7016 0790.
Get started today
Speak to one of our mortgage experts. Book an appointment to come and see us or request one of our experts to call you.
