How much does a £1 million pound mortgage cost? November 2015
More of the high-street mortgage lenders are offering large mortgage loans at fantastically low rates.
If you are looking to raise £1 million to purchase or remortgage a property, Trinity Financial has access to Santander for Intermediaries two-year fix at 1.59%.
After the fixed rate period, the mortgage will revert to the lender’s standard variable rate, which is currently 4.74%. The overall cost for comparison is 4.3% APR.
The monthly repayments on an interest-only basis would be £1,325 or £4,041 on full capital repayment over a 25-year term.
The mortgage has a £995 arrangement fee and borrowers will require a 40% deposit to qualify.
Aaron Strutt, product manager at Trinity Financial, says: “Over the last year more lenders have started offer larger mortgage loans, they have also driven down prices in order to tempt more borrowers.
“More of our clients are locking into five-year fixed rates as they look for longer term payment security.”
Five-year fix
Metro Bank is offering one of the lowest five-year fixes priced at 2.29%. The maximum loan size is £1.5 million.
After the fixed rate period, the mortgage will revert to the lender’s standard variable rate, which is currently 4%. The overall cost for comparison is 3.8% APR.
The monthly repayments on an interest-only basis would be £1,908 or £4,381 on full capital repayment over a 25-year term.
The mortgage has a £999 arrangement fee and borrowers will require a 40% deposit to qualify.
For help to secure a £1 million mortgage, call Trinity on 020 7016 0790.
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