Nationwide still offering sub 4.1% two-year fixed mortgage and Santander's five-year fixes starting from 4.14%
The scale of mortgage rate increases has slowed over the last week following fixed rate price hikes brought on by the Budget and rising inflation. NatWest for Intermediaries has announced it is raising its fixed rates by 0.10%, although TSB is lowering some rates by 0.2%.
Nationwide for Intermediaries offers a two-year fixed-rate mortgage at 4.17% and a five-year fix at just below 4.10%. These rates undercut many of the other big banks and building societies.
Nationwide’s most competitive rate is 4.17%, available for home buyers borrowing between £300,000 and £5 million. There is a £1,499 arrangement fee, and applicants must make a 40% deposit to qualify.
Aaron Strutt, product director at Trinity Financial, says: "Mortgage rates have been edging up recently, and while they are more expensive, they still offer reasonable value for money. It seems unlikely the Bank of England base rate will come down again following the inflation rate going up, but this doesn't mean fixed rates won't come down again early next year.
"At the moment, Santander has a 4.14% five-year fix for those with a 40% deposit. There is a £999 arrangement fee and a £3 million maximum loan size. The remortgage rate is 0.06% higher."
Representative example: A capital and interest mortgage of £1,000,000 payable over 30 years, initially on a two-year fixed rate basis at 4.17% for two years and then on the lender's 7.49% standard variable rate for the remaining 28 years. The 4.17% rate would require 24 monthly repayments of £4,872.68 followed by 336 payments of £6,873.27. The total amount repayable would be £2,427,942.04 made up of the loan amount, plus interest (£1,426,361.35) and £1,499 (product fee), £65 (final repayment charge), £15 (completion fee). The overall cost for comparison is 7.1% APRC representative.
Representative example: A capital and interest Santander mortgage of £1,000,000 payable over 30 years, initially on a fixed rate basis at 4.14% until 02-04-30 and then on the lender's 7% standard variable rate for the remaining 25 years. The 4.14% rate would require 63 monthly repayments of £4,815.14 followed by 297 payments of £6,388.25. The total amount repayable would be £2,204,340.82 made up of the loan amount, plus interest (£1,208,681.20) and £999 (product fee), £225 (final repayment charge), £0 (completion fee). The overall cost for comparison is 6% APRC representative.
Call Trinity Financial on 020 7016 0790 to secure a mortgage, book a consultation, or complete our mortgage questionnaire.
The information contained within was correct at the time of publication but is subject to change.
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