Clydesdale Bank has improved its two large loan buy-to-let mortgage rates by up to 0.3% - as part of their drive to attract more high net worth clients.
For buy-to-let mortgages between £1million and £1.5 million the lender is offering a two-year fixed rate at 3.09% and it has an APR of 5.2%. They also have a five-year fix at 4.19% and the APR is 5.1%.
Both mortgages have £2,999 arrangement fees and after the fixed rate period they revert to the lenders standard variable rate - currently 5.35%.
Aaron Strutt, product manager at Trinity Financial, says: “There are not many of the high-street lenders offering buy-to-let mortgages over £1million, although they are certainly available. We regularly use a couple of specialist lenders to arrange finance for clients looking for larger loans.”
To qualify for both of Clydesdale’s mortgages borrowers will need to put down a 40% deposit and meet their affordability calculations. They must also earn at least £40,000 each year, although this rises to £75,000 if applicants have between 4 and 8 investment properties.
Clydesdale Bank also limits their £1million plus buy-to-let lending to certain postcodes in Greater London, including: E, EC, N, NW, SE, SW, W, WC, BR, CR, DA, EN, HA, IG, KT, RM, SM, TW, or UB.
If you would like help to secure a large buy-to-let mortgage, call Trinity on 020 7016 0790.