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HSBC for Intermediaries is offering a highly competitive tracker rate for mortgages up to £5 million.

The bank has lowered the mortgage rate to 1.39% and it tracks the Bank of England base rate plus 0.64% until 31 July 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 3.31% 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 property 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 flexibility 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 £250,000 payable over 25 years, initially on a 1.39% tracker rate until 30/07/2021 and then on a variable rate of 4.19% for the remaining 23 years, would require 24 monthly repayments of £986.97 followed by 276 monthly repayments of £1,316.91. The total amount repayable would be £388,478.44 made up of the loan amount, plus interest (£137,154.44) and £999 (product fee), £0 (final repayment charge), £35 (completion fee). The overall cost for comparison is 3.81% 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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