Million pound mortgages get cheaper
Nationwide Building Society has one of the cheapest fixed rate mortgages available up to £1 million. It is a two-year fix and the rate is extremely competitive at 2.64% - it has a £999 arrangement fee. The Clydesdale Bank lowered the price of a number of their mortgages this week and their lowest two-year fix is now 2.69%. It has a £1,499 arrangement fee. Both mortgages require a 40% deposit.
Aaron Strutt, a broker at Trinity Financial, says: “For clients wanting to borrow more than a million we have access to lenders with highly competitive rates.
“Many banks were not happy to lend large sums of money a few years ago, but there has been an increase in the demand for high-end mortgages and the appetite from the lenders has certainly increased.
“If you would prefer the security of a longer term fixed rate and you have a 35% deposit, then you might like the Coventry Building Society's four-year rate. It is fixed at 2.99% and it has a £999 arrangement fee. There is a free property valuation and the maximum loan is £1 million.â€
August 26, 2011
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