Digital Mortgages five-year fix at 1.29% for mortgages up to £2-million - ***Rate withdrawn
Digital Mortgages by Atom Bank has launched an incredible price-matching offer across all of its longer-term fixed rate mortgages. ***Please note, this rate has been withdrawn.
In a highly unusual move, the bank is offering a 1.29% five-year fixed rate to match the price of its lowest two-year fix. It undercuts the lowest five-year deal on the market by 0.41%.
At the end of the fixed period, which expires on 30 June, 2022, the mortgage reverts to the bank's 3.75% variable rate. The overall cost for comparison is 2.86% APRC.
To access this rate you will need a 40% deposit and a smartphone to download the bank's app. You will also need to accept, complete and service the mortgage online. Also, set the FaceID and VoiceID features as part of the security settings.
Aaron Strutt, product director at Trinity Financial, says: "We are one of a limited number of brokers with access to these rates and they are not available if you apply directly. The bank has impressively low five-year fixes available to borrowers providing they have at least a 10% deposit."
The 1.29% five-year rate has a £900 arrangement fee and early repayment charge until 30 June 2022. There is a free property valuation with property purchases and remortgages.
The maximum loan size is £2,000,000 - although it is capped at £300,000 for first-time buyers.
Representative example: A mortgage of £250,000 payable over 25 years, initially on a fixed rate for 5 years at 1.29% and then on a variable rate of 3.75% for the remaining 20 years, would require 61 monthly repayments of £995.36 followed by 239 monthly repayments of £1,221.67. The total amount repayable would be £352,811.09 made up of the loan amount, plus interest (£101,476.09) and fees of £999. The overall cost for comparison is 2.86% APRC representative.
The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration.
To secure a five-year fix call Trinity Financial on 020 7016 0790.
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