Some of the high street banks and building societies are offering incredibly low rates for mortgages up to £5 million.
Trinity Financial currently has access to one particularly impressive mortgage available through Woolwich for Intermediaries.
The rate is priced at 1.99% mortgage and it is fixed until 30th June 2017. The overall cost for comparison is 3.7% APR.
After the fixed rate period the mortgage will revert to 3.49% over the Barclays base rate, which is currently 3.99%. There is also a £5,000 arrangement fee.
Aaron Strutt, product manager at Trinity Financial, says: “The lenders have access to cheap funding at the moment and they are looking to provide larger mortgage loans.
“More of the banks are setting up specialist large loan teams in order to attract wealthier borrowers and to tempt more of them to take their mortgages. They are also targeting clients who are more used to applying through one of the private banks for finance.
“Most of the high-street lenders do not ask for assets to be transferred to them as part of the deal and they also offer longer mortgage terms. This makes their proposition even more attractive.”
If you were looking to purchase or remortgage a property and raise a £3 million mortgage, the monthly payments on Woolwich’s two-year fix would be £4,975 on interest-only or £12,701 over a 25-year term.
With a £5,000,000 mortgage taken over a 25 year term, the monthly payments on Barclays two-year fix would be £8,291 on interest-only or £21,116 on a full capital repayment basis.
If you would like help to secure a large mortgage loan, call Trinity on 020 7016 0790 or complete the enquiry form below.