Do you need a million pound mortgage? Securing a large loan can be difficult, and the type of product that will benefit you most will depend on your circumstances. But if you’re seeking a large loan for a property you intend to own for many years, our product of the week could be perfect for you.
This product’s rate is fixed for 10 years, much longer than many available products. We recently reported on a forecast from the National Institute of Economic and Social Research (NIESR), in which they adjusted their prediction for an interest rate rise to Q1 of 2018.
However, if you lock in a low rate now, you can benefit from this for many years to come. This product can be used to purchase a residential property, or to release equity for improvements to an existing property by capital raising.
As such, this product is ideal for clients who are either looking to purchase or remortgage their ‘forever home’. If you know your current property or next purchase is going to be a long-term home, a 10-year fix could be an ideal product for you.
Offered with an attractive interest rate of 2.79%, you can rest assured your payments are planned for the long term. The minimum loan size for the product is £1million, and you will need to open a Current Account with the lender.
- Loans over £1million
- 10-year fix
We have an excellent relationship with this lender, which enables us to present cases to them on a personal basis and negotiate for flexibility in terms. For example, if you clearly meet this lender’s affordability criteria, there is scope for us to negotiate a higher loan to value, or for the loan to be on an interest-only repayment basis.
This lender also offers an annual overpayment allowance, giving you the opportunity to overpay a maximum of 10% of your outstanding mortgage balance.