Aaron at Trinity's 4.06% mortgage of the week
Mortgage lenders have been improving their prices over the last month, and there are now more fixed rates closer to 4%. While most borrowers take two-year or five-year fixes, some competitively priced three-year fixes exist.
My mortgage of the week is a new three-year fix from Halifax for Intermediaries. It is available for mortgages between £25,000 and £2 million. While mortgage rates are expected to come down and the Bank of England base rate is likely to get cheaper, there are no guarantees, especially with so much global instability.
Halifax's 4.06% three-year fix is only marginally more expensive than the most competitively priced rates, so it seems like a good choice, especially for more risk-averse borrowers who want slightly more payment security than a two-year fix offers.
The bank has a good reputation for issuing fast mortgage offers, is flexible with its acceptance criteria, and typically offers its customers good retention rates when it's time to remortgage.
Details include:
- Residential rate - for property purchases
- Initial rate - 4.06% - How much will it cost?
- Fixed until 30 June 2028
- Deposit - 40%
- Lender's standard variable rate - currently 7.99%
- Arrangement fee - £999
- Early repayment charges - Yes
The APRC applicable on this loan is 7.2%. The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration. The mortgage is available on an interest-only and capital repayment.
Representative example: A capital and interest mortgage of £400,000 payable over 30 years, initially on a fixed rate basis at 4.06% until 03/06/2028 and then y Halifax's Standard Variable Rate, currently 7.99%, for the remaining term of the mortgage for the remaining 27 years. The 4.06% rate would require 38 monthly repayments of £1,921.92 followed by 322 payments of £2,843.48. The total amount repayable would be £989,893.79 made up of the loan amount, plus interest (£592,050.48) and £999 (product fee), £80 (final repayment charge), £35 (completion fee). The overall cost for comparison is 7.2% APRC representative.
Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation
The information contained within was correct at the time of publication but is subject to change
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