£1 million+ pound mortgages getting cheaper
More mortgage lenders are offering £1 million-pound mortgages on their most competitively priced fixed and tracker rates.
A host of high street lenders are providing the private banks with real competition and offering large loan two-year fixed rates below 1.5% and five-year fixed below 1.75%.
Trinity Financial has access to NatWest for Intermediaries specialist high-net-worth team providing our brokers with direct access to their mortgage decision-makers.
The bank’s lowest rate is a 1.28% fixed rate until 31 October 2021 - incredibly it is available for mortgages up to £10 million. Once the rate expires it reverts to the lender’s 4.24% standard variable rate and the overall cost for comparison is 3.79% APRC representative.
Aaron Strutt, product director at Trinity Financial, says: "Over the last year more of the lenders have started to target high-net-worth borrowers and there has been a price war to tempt clients to purchase properties or remortgage.
"The price was has been so active than the lenders are reporting underlying losses because of pressure on mortgage margins."
The 1.28% rate has early repayment charges until 31 October 2021 and a £995 arrangement fee. Applicants will need a 40% deposit to qualify.
Representative example: A mortgage of £1,000,000 payable over 25 years, initially on a fixed rate until 31/10/2021 at 1.28% and then on a variable rate of 4.34% for the remaining 23 years, would require 25 monthly repayments of £3,896.83 followed by 275 monthly repayments of £5,282.83. The total amount repayable would be £1,552,896.50 made up of the loan amount, plus interest (£550,199) and fees of £995. The overall cost for comparison is 3.79% APRC representative.
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
Click here to read our recent case studies or call Trinity Financial on 020 7016 0790 to secure a million-pound mortgage