Precise Mortgages has launched a selection of rates for clients aiming to borrow between £1 million and £2 million when they have less than perfect credit scores.
The lender's lowest rate is available to clients with no missed mortgage payments or county court judgments in the last 12 months, but one in the last 36 months.
A higher rate is available for clients with one missed mortgage payment in the last 12 months or three in the last 36 months. Debt management plans satisfied over 36 months ago are accepted.
Precise Mortgages lowest large loan rate for applicants with missed payments is fixed at 3.09% until 30 April 2021. At the end of this period, it reverts to the lender's variable rate currently of 5.75%. The overall cost for comparison is 5.45% APRC representative.
The mortgages have 0.5% arrangement fees, and applicants will need a 40% deposit to qualify. Early repayment charges apply until the end of the fixed rate, and the lender does not accept overpayments. There is a choice of two, three and five-year fixes.
Aaron Strutt, product director at Trinity Financial, says: "Most of the lenders do not offer specific £1 million+ rates to clients if they have missed payments so this is something different.
"It may be possible to secure a mortgage with a high street lender if you have a good reason why you have missed payments or you’ve got a CCJ. Our brokers have access to specialist underwriters who are keen to get mortgages agreed."
Representative example: A capital and interest mortgage of £1,020,001 payable over 25 years, initially on a 3.09% fixed rate until 30/04/2021 and then on a variable rate of 5.75% for the remaining 23 years, would require 24 monthly repayments of £4,884.84 followed by 276 monthly repayments of £6,305.49. The total amount repayable would be £1,020,001.00 made up of the loan amount, plus interest (£837,550.40) and £5,100 (product fee), £114 (final repayment charge), £25 (completion fee). The overall cost for comparison is 5.45% 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