In recent years, less focus has been on transferring assets and current accounts to private banks as part of the mortgage process. Private banks vs the high street mortgage lenders The standard variable rate is 6.99%, and the overall cost for comparison is 5.9% APRC. This mortgage has a £1,499 arrangement fee, and borrowers must put down a 40% deposit. The monthly repayments would be £16,500 on interest-only or £23,755.61 on capital repayment over a 30-year term. If you prefer a longer-term rate, Trinity Financial has access to a large bank offering £5 million mortgages with a 3.96% five-year fix is possible. Most lenders have had a good start to the year but still provide a fast service." How much is a £5 million mortgage on a five-year fixed rate? "Many lenders offer two-year tracker rates without early repayment fees so borrowers can refinance onto a fixed rate without charge or make lump sum overpayments. The lenders are still keen to provide larger mortgage loans to different borrowers, including business owners, bankers and entrepreneurs. The overall cost for comparison is 6.8% APRC.Īaron Strutt, product director at Trinity Financial, says: "Mortgage rates have been steadily coming down for quite some time, although some rates have gone up recently. After two years, the rate reverts onto the lender's current 6.99% standard variable rate unless you refinance. The mortgage arrangement fee is as low as £999, and you will need a 40% deposit to qualify. The monthly payments on a 4.39% interest-only mortgage would be £18,291.67, rising to £25,008.52 on full capital repayment over a 30-year term. The overall cost for comparison is 7% APRC. Trinity Financial has access to a large lender offering a two-year fixed rate of 4.39%. Suppose you want to raise £5 million to purchase or remortgage a property on an interest-only, part interest-only or full capital repayment basis. How much does a £5 million mortgage cost on a two-year fix? Getting mortgage offers produced within a week or two is not unusual. Trinity Financial's expert advisers have access to dedicated broker-only departments at the lenders agreeing million+ mortgages quickly and efficiently. The high-net-worth lending teams at banks like HSBC for Intermediaries, NatWest and Barclays for Intermediaries offer fixed and tracker rates priced from 3.96% for large mortgage loans. Stong competition between lenders to attract clients looking for larger mortgage loans View our £1 million+ mortgage loan best buy table and borrowing calculators. This has led to more competitively priced rates and setup fees. More high-street lenders are undercutting private banks to attract high-net-worth clients and provide mortgages against those unique properties. Trinity Financial has access to a selection of high street lenders competing with the private banks to provide £4 million and £5 million mortgages to wealthier clients.
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