The Times - Outside London £1 million can still buy you a fantastic home
The Times wrote an article about £1 million houses outside of London and asked Trinity to provide comment.
Journalist Holly Thomas' explains there is intense competition for homes priced between £1 million and £2 million in London.
Aaron Strutt at Trinity Financial, told The Times: “It wasn’t that long ago the high-street lenders pretty much stopped offering £1 million-plus mortgages and if you wanted a larger loan you needed to speak to one of the private banks. But times have changed and the high street lenders are actively competing with the private banks to target wealthier borrowers like bankers, footballers and entrepreneurs. They are tempting them in with some incredibly cheap rates, low arrangement fees and the promise of faster mortgage offers.”
“Lenders are also pushing to supply £1 million-plus mortgages because they think it is easier to provide one larger loan rather than four or five smaller ones,” he says. “The compliance is roughly the same, there is less risk and the lenders spend less time processing applications.”
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