The Financial Times reported back in October that ‘Million pound mortgages are cheaper than ever’, and it’s true. Following the Bank of England base rate cut back in August, competition between lenders in the high net worth space has increased significantly. Many attractive offers have since circulated the property marketplace, and if you are looking for long term stability from your mortgage, a 5 year fixed rate at just over 2% is certainly attractive.
Whilst many banks have offered such rates, there is one product which our Enness brokers have marked as standing out from other market-leading rates in terms of its interest only policy. Many clients find that they are barred by a multitude of interest only mortgage options that will only accept assets such as pensions, or large bonuses and dividends.
This innovative lender however, allows sale of property to be used as a repay vehicle for the loan up to 60% loan to value (LTV), providing there is a minimum of £200,000 equity present within the property. This product is perfect for clients who may not have other assets which they can draw upon to secure an interest only mortgage, but want to experience the flexibility that only interest only can offer.
Enness works closely with this lender, and can recommend this 5 year fixed interest only mortgage offer at the following rate to our clients:
- 5 year fixed rate at 2.17%
- 60% LTV
- No product fee
- Free valuation and legal procedures on remortgages only
At Enness, interest only mortgages constitute a huge part of our business. We believe they are an essential product – especially for London property owners – and can prove an extremely rewarding tool provided you choose an excellent product such as this.
If you are interested in this product, please do not hesitate to get in touch as we would be more than happy to introduce you to the relevant lender and provide expert advice for your circumstances.