How much does a £1 million mortgage pound cost?

by Aaron Strutt

Sep 30 2013

Virgin Money for Intermediaries has lowered the cost of their £1 million pounds best buy fixed and tracker rate mortgages.

For borrowers looking to raise £1 million to purchase or remortgage a property, Virgin Money has one of the lowest two-year tracker rates at 1.94%. It has a £995 arrangement fee and borrowers will need at least a 30% deposit to access this rate.

Aaron Strutt, product manager at Trinity Financial, says: “Providing you are borrowing more than £300,000 and you have a big enough deposit Virgin is still offer interest-only.

“If you were to borrow £1 million on their lowest tracker rate, it would cost £1,616.67 each month on interest-only and £4,209.39 on full capital repayment. This is over a 25 year-term.

“Virgin still offers wealthier borrowers a split repayment option, so the majority of the mortgage can be taken on interest-only with a small percentage on capital repayment. This makes their mortgages much more appealing than other high-street lenders as the monthly repayments are more affordable.”

The APR is 4.4% and Virgin’s standard variable rate is 4.79%.

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