Barclays raise maximum mortgage loan size from £5 million to £10 million
Barclays for Intermediaries has doubled its maximum mortgage loan size from £5 million to £10 million.
The bank has launched a range of impressively priced fixed and tracker large loan rates available for mortgages between £2 million and £10 million.
The two, three, five and ten-year fixes have 0.25% arrangement fees, although existing customers switching rates have their fees lowered to £1,999. The two-year tracker for new clients also has a 0.25% fee.
Aaron Strutt, product director at Trinity Financial, says: “More of the high street banks are offering very large mortgages at pretty much standard pricing. If you are looking for a large loan and you can secure interest-only, some clients will think the monthly payments are low considering the size of the mortgage.
“Applicants will need a deposit of at least 30% to qualify, and early repayment charges will lock borrowers in, especially to the five and ten-year fixes.”
The large loan sector has changed over the last few years, and the private banks have a lot more competition to attract wealthier clients. One high street bank recently provided a £10 million-plus remortgage and others often lend over £5 million.
Stamp duty
Following the stamp duty changes introduced last year, the cost of buying a multi-million pound property has increased significantly.
If you purchased a home for £10 million, the stamp duty payment would have been £700,000 but it has risen to £1,113,750. For those buying additional buy-to-let properties and second homes, the 3% levy would increase the payment to £1,413,750.
For help to secure a large mortgage loan, call Trinity on 020 7016 0790.
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