HSBC for Intermediaries is offering a highly competitive tracker rate for mortgages up to £5 million.
The bank's 1.49% mortgage tracks the Bank of England base rate plus 0.75% until 31 March 2021. At the end of this period, it reverts to the lender's variable rate currently of 4.19%. The overall cost for comparison is 3.78% APRC representative.
The mortgage has a £999 arrangement fee, and applicants will need a 40% deposit to qualify. It is available for property purchases and remortgages.
There are no early repayment charges so borrowers are free to switch to a fixed rate at any time or make lump sum overpayments. HSBC even provides a free propety valuation with most applications.
Aaron Strutt, product director at Trinity Financial, says: "The vast majority of borrowers lock into two and five-year fixed rates but some trackers provide real flexibly and they undercut many other deals.
"Our brokers have access to HSBC's specialist teams to deal with brokers and process large loan applications."
Representative example: A capital and interest mortgage of £2,500,000 payable over 25 years, initially on a 1.49% tracker rate until 30/03/2021 and then on a variable rate of 4.19% for the remaining 23 years, would require 24 monthly repayments of £9,986.67 followed by 276 monthly repayments of £13,180.71. The total amount repayable would be £3,878,585.04 made up of the loan amount, plus interest (£1,377,556.04) and £999 (product fee), £0 (final repayment charge), £35 (completion fee). The overall cost for comparison is 3.78% APRC representative.
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
Call Trinity Financial on 020 7016 0790 to secure a large mortgage loan
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Once again Jed Newton of Trinity Financial landed us a mortgage suitable to our needs ....in a very difficult financial market. Jed and his team saved us money, time, stress and worry with all our mortgage requirements. 5-star service once again. Thank you so very much.
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Luisa from Trinity has just submitted my mortgage application and she has been absolutely brilliant. I am a first-time buyer but mostly aware of how things work so I needed someone that would do what is needed without too much waffle and Luisa was perfect. She seems to just get things done without wasting any time.
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