Santander improves its lifetime trackers for mortgages up to £3 million
Santander for Intermediaries has improved its large loan lifetime tracker rates available for mortgages up to £3 million.
The lenders lowest lifetime rate tracks the Bank of England base rate plus a margin of 1.89%, currently giving a pay rate of 2.39%. The overall cost for comparison is 2.5% APR.
It has a £995 arrangement fee and borrowers will need a 30% deposit to qualify. The maximum loan size is £1 million.
For borrowers looking for mortgages between £1 million and £3 million, Santander is offering a lifetime tracker rate at 2.64%. It has a £1,995 arrangement fee and tracks the Bank of England base rate plus a margin of 2.14%. The overall cost of comparison is 2.7% APR.
Aaron Strutt, product manager at Trinity Financial, says: "One of the additional benefits of Santander’s tracker mortgages is that they don’t have any early repayment charges, so the mortgage can be repaid with minimal fees.
"Borrowers will be free to take a fix when base rate finally starts to rise.”
If you would like help to secure a large mortgage loan, call Trinity on 020 7016 0790.
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