One in 14 borrowers has mortgage above £500,000
The property market is heading into new territory with the increasing availability of larger mortgages and continuous demand for luxurious homes.
According to figures in The Guardian newspaper, one in 14 borrowers has a mortgage of above £500,000, while the number of £1 million plus mortgages granted by the major lenders has risen by nearly a fifth.
The story highlights that the average applicant with a £1 million mortgage has a £389,000 salary (according to Halifax) and, the most popular areas for expensive properties include Weybridge, Surrey, Altrincham and Cheshire.
Mortgage lenders are setting up new departments specifically to manage applications from brokers and referrals from high-street branches.
As a guide, many of the banks and building societies offer their lowest rates up to £1 million and they have separate mortgages for larger loans.
Mortgage rates
If you are looking for a mortgage up to £1 million, Trinity has access to Platform’s 1.44% fixed rate and it expires on the 31 December 2017.
At the end of the fixed period, the mortgage reverts to the lender's standard variable rate which is currently 4.74%. The overall cost for comparison is 4.6% APR.
In order to qualify borrowers will need a 40% deposit and there is a £1,499 arrangement fee.
For help to secure a mortgage, call Trinity on 020 7016 0790. You can also complete the enquiry form below and we will call you back.
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