Platform offering 4.27% five-year fix to borrowers looking for £400,000+ mortgages
Platform for Intermediaries offers one of the most competitively priced longer-term fixed rates to borrowers looking for £400,000+ mortgages. Its 4.27% 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 5.87% standard variable rate, and there is a £1,999 arrangement fee. Applicants will need a 40% deposit to qualify.
Aaron Strutt, product director at Trinity Financial, says: "Platform has a section of five-year fixes, and many of them are available below 4.5%. The lender has taken the unusual step of making its lowest headline rate available to those looking for £400,000+ mortgages. The bank still has competitively priced options if you want a smaller mortgage.
"Rates are starting to come down now, and more prominent lenders are improving their prices. Nationwide and Virgin Money are two of the biggest lenders to lower their rates over the last few days.
"Over the coming weeks, we expect more banks and building societies to continue enhancing their deals as they fight it out to top attract borrowers."
Platform is the broker lending arm of the Co-Operative Bank.
Representative example: A capital and interest mortgage of £501,999 payable over 30 years, initially on a fixed rate basis until 30 June 2028 at 4.27% and then on the bank's standard variable rate currently 5.87% for the remaining 25 years, 4.27% would require 64 monthly repayments of £2,463.47 followed by 296 payments of £2,884.64. The total amount repayable would be £1,013,564.52 made up of the loan amount, plus interest (£514,647.46 and £1,999 (product fee), £50 (final repayment charge), £35 (completion fee). The overall cost for comparison is 5.4% 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