TSB offering large mortgage loans up to £5 million

Aaron Strutt Image

TSB is offering some of the largest mortgage loans available across the high street banks and building societies.

If you are looking to purchase a property and secure a mortgage between £1 million and £5 million, TSB has a particularly low tracker rate priced at 2.39%. 

It tracks the Bank of England base rate plus a margin of 1.89% until April 30, 2017.

Borrowers will require a 40% deposit to access this mortgage and it has a £1,995 arrangement fee. Also, it has an APR of 3.8%.

The rate will increase by 0.2% if you have a 30% deposit. 

More competition across the mortgage market

TSB recently launched into the broker market and it is planning to lend more money in order to increase its 1.4% market share.

Aaron Strutt, product manager at Trinity Financial, says: “Some lenders are offering incredibly low million plus mortgages and more of them are priced around 2%.

“In order to qualify for a large mortgage TSB will assess affordability in the same way as a standard loan.

“They will want to make secure borrowers have a clean credit history and they have a track record of receiving their income.”

Monthly payments

If you wanted to borrow £3 million to purchase a property, the monthly repayments would be £5,975 on interest-only and £13,292.91 on full capital repayment. This is over a 25-year term.

For a £5 million mortgage, the monthly repayments would increase to £9,958.33 on interest-only and £22,154.86 on full capital repayment. This is also over a 25-year term.

After the tracker rate period the rates will revert to the lenders standard variable rate, currently 3.99%.

If you would like help to secure a large mortgage loan, call Trinity on 020 7016 0790.

Get Started

Get started today

Speak to one of our mortgage experts. Book an appointment to come and see us or request one of our experts to call you.

Google Reviews
Trustpilot
Book a Consultation Talk to an Expert
As seen in
Sunday Times Telegraph Financial Times BBC News The Express The Times