Mortgage lenders offering £1 million fixes below 1.5%
More of the banks and building societies are offering £1 million mortgages and they are setting up specific high-net-worth teams to manage applications more efficiently.
The ongoing price war has led to many of the lender's offering their lowest ever mortgage rates and some of the larger loans provide fantastic value for money.
Two-year fix
If you are looking to secure a £1 million mortgage to purchase a property or switch a lower rate, Trinity Financial has access to NatWest for Intermediaries fixed rate at 1.45% until 31/12/2017. The overall cost for comparison is 3.8% APR.
Borrowers will need a 40% deposit to qualify and the mortgage has a £995 arrangement fee. The monthly repayments on a £1 million mortgage would be £3,975 over a 25-year term.
Five-year fix
NatWest is also offering a leading 2.23% fix with an end date of 31/12/2020 and it is available for large mortgage loans. The overall cost for comparison is 3.5% APR.
If you were to borrow £1 million, the monthly repayments would have to be taken on a capital repayment basis and the monthly costs would be £4,351 over a 25-year term. Borrowers would need a 40% deposit to access the rate and the fee is also £995.
After the fixed rates expire, both mortgages will revert to NatWest's standard variable rate which is currently 4%.
How much do i need to earn to qualify?
In order to work out how much you can borrow for a mortgage, we will need to know how much you earn.
We will also ask you to complete a fact find and list any debts or credit commitments you have, as they may reduce the amount you can borrow.
As a general rule, NatWest caps its income multiples to 4 x salary when customers are borrowing more than £500,000.
For help to secure a large mortgage loan call Trinity on 020 7016 0790.
Get started today
Speak to one of our mortgage experts. Book an appointment to come and see us or request one of our experts to call you.
