Borrowing more than £400,000? Platform has just launched a 4.84% five-year fixed rate mortgage
Platform for Intermediaries is currently offering the most competitively priced five-year fixed rates to borrowers looking for £400,000+ mortgages.
Platform's lowest fixed rate is 4.84%, and it is available for property purchases and remortgages. It is fixed until 29 February 2028, and applicants will need a 40% deposit to qualify.
After the fixed period, the mortgage reverts to the lender's current 5.87% standard variable rate, and it has a £1,999 arrangement fee.
Aaron Strutt, product director at Trinity Financial, says: “Platform has a section of five-year fixes available below 5% even if you need a mortgage of less than £400,000. The arrangement fees vary, but they start from £999.
"It was not long ago that five-year fixes were increasing in price, and there was little sign of the rate hikes slowing down. We are now starting to see fixed rates get cheaper, and Platfrom’s five-year fix is the first below 5% since Liz Truss was prime minister."
Platform is the broker lending arm of the Co-Operative Bank.
What happens if rates come down again?
If one of Trinity Financial's brokers submit your mortgage application and you lock into a five-year fix through a lender like Platform, if the rates come down again before your mortgage completes, we will do everything possible to secure you the most competitively priced deal.
Representative example: A capital and interest mortgage of £402,000 payable over 30 years, initially on a fixed rate basis until 29 February 2028 at 4.84% and then on the bank's standard variable rate currently 5.87% for the remaining 25 years, 4.84% would require 63 monthly repayments of £2,106.53 followed by 297 payments of £2,329.37. The total amount repayable would be £826,333.28 made up of the loan amount, plus interest (£426,639.64) and £1,999 (product fee), £80 (final repayment charge), £35 (completion fee). The overall cost for comparison is 5.6% APRC representative.
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration. Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage
Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation
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.
