Barclays offering 1.67% rate for £5 million mortgages

by Aaron Strutt

Dec 04 2015

Barclays (Woolwich for Intermediaries) has lowered the arrangement fee for existing customers switching to its lowest rate for mortgages up to £5 million.  

Trinity Financial has access to the incredibly competitive 1.67% two-year tracker, priced at 1.17% over the Barclays Bank Base Rate (BBBR). 

At the end of the tracker period, the mortgage reverts to 3.49% over the BBBR, currently 3.99%. The overall cost for comparison is 3.7% APR. 

Aaron Strutt, product manager at Trinity Financial, says: “If you are looking for a larger mortgage loan and you have a sufficient income, it is possible to access lower rates than many first-time buyers. 

“Borrowers will need a 35% deposit and clear credit history to qualify for this 1.67% rate. Woolwich cap lending at five times both single and joint salaries, providing the mortgage is over £175,000. Although this rises to 5.5 times salary for Barclays Premier Customers.”

There are no early repayment charges attached to this product.

For mortgages between £3 million and £5 million, Woolwich has lowered the arrangement fee for existing customers from £5,000 to £1,999. The fee remains at £5,000 for new customers remortgaging to the bank or buying a new home.

If you would like help to secure a large mortgage loan, call Trinity on 020 7016 0790.