Halifax offering 3.93% five-year fix for mortgages between £1 million and £5 million
Halifax for Intermediaries is offering one of the most competitively priced longer-term fixed rates to those looking to borrow between £1,000,000 and £5,000,000.
The rate is 3.93% rate is available for property purchases and remortgages and is fixed until 30 June 2028.
After the fixed period, the mortgage reverts to the lender's current 7.49% standard variable rate, and there is a £1,499 arrangement fee. Applicants will need a 40% deposit to qualify.
Aaron Strutt, product director at Trinity Financial, says: "Halifax for Intermediaries has a selection of large loan five-year fixes, and many of them are available below 4.5%. The bank is undercutting many of the other providers by offering its cheapest rates to those looking for £1 million+ products.
"Halifax has a reputation for having good acceptance criteria and it generally provides fast mortgage offers."
Representative example: A capital and interest mortgage of £200,001,500 payable over 30 years, initially on a fixed rate basis until 30 June 2028 at 3.93% and then on the bank's standard variable rate currently 7.49% for the remaining 25 years, 3.93% would require 63 monthly repayments of £9,474.87 followed by 298 payments of £6,396.81. The total amount repayable would be £13,308.03 made up of the loan amount, plus interest (£4,550,553.42 and £1,499 (product fee), £50 (final repayment charge), £35 (completion fee). The overall cost for comparison is 6.1% APRC representative.
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The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
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