So you have found the perfect property, in the ideal location with a £1 million plus price tag. Now how do you go about finding the best Million Pound Mortgage rates? With more and more properties now exceeding this price tag, we are seeing an increase in lenders entering this market. With so many options out there it can be hard to know which one will work for you; an experienced mortgage broker will be able to get you the best deal.
We have access to a lender offering a 3.24% 2 year tracker with a £999 arrangement fee. To obtain this rate, you need to put down a 40% deposit. Over a 25 year term, the monthly repayments would be £4872.74 per month. If you would like a fixed rate, the lowest 2 year fixed is currently 4.65% with a £895 arrangement fee. The monthly payments would be £5643.31. If you would like a long term fixed rate, the most competitive rate is 4.6% with a £1395 fee.
If you borrow £1 million on interest only, the 3.24% 2 year tracker will cost £2702.70 per month. The 4.65% 2 year fixed will cost £3878.50 per month and the 4.6% 5 year fixed will cost £3838.71 per month. Again, to get these rates, you will need to put down a 40% deposit.
Magni Finance can help if you are looking for the best rates on a million pound mortgage. With a huge amount of experience arranging large mortgages, we will strive to get you the best rates on the market. Contact us today or call us on 0207 046 7847.