Trinity Financial has access to a host of lenders offering best buy rates to borrowers looking for £500,000 mortgages.
Santander for Intermediaries has a leading 1.64% rate fixed until 2 September 2020 for borrowers able to put down a 25% deposit. This mortgage has a £999 arrangement fee and a free property valuation. The overall cost for comparison is 3.44% APR.
The monthly repayments on a £500,000 interest-only mortgage would be approximately £683. This would increase to £2,032.74 on a full capital repayment mortgage over a 25-year term.
To qualify for interest-only with Santander and use the sale of the property as a repayment vehicle, you would require at least £150,000 equity in the property at the end of the mortgage term. The lender accepts part interest-only and part capital repayment mortgages and to make the monthly repayments more manageable.
Barclays for Intermediaries is offering a fixed rate of 1.98% until 31 July 2023 and it is available to borrowers looking for a £500,000 mortgage. The lender requires a 40% deposit and the arrangement fee is £999. The overall cost for comparison is 3.28% APR.
If you wanted to borrow £500,000 over a 25-year term on full capital repayment, the monthly repayments would cost £2,114.41. You will be able to overpay up to 10% of the outstanding balance each year and some borrowers will be able to take this mortgage on interest-only.
Call Trinity Financial on 020 7016 0790 to secure a £500,000 mortgage