Product of the week: 5-year fix on million pound mortgages

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At Enness, we specialise in working with high net worth clients, and as such we are experts in securing the best rates and terms for million pound mortgages.

Last week, the Office of National Statistics (ONS) wrongly released data suggesting labour costs had increased by 1.6% year on year. In fact, the figure was later corrected to 2.4%, which – since the Bank of England (BoE) uses inflation pressures as a market – adds to the likelihood of a rate rise from the BoE at next month’s Monetary Policy Committee meeting.

So, securing attractive rates is even more important as an interest rate rise looks imminent. Now is the ideal time to lock in a longer-term product.

As we recently discussed, the ability to secure a mortgage over £1million up to 85% loan to value (LTV) doesn’t come around every day. However, we’re working with a lender who will lend million pound mortgages up to 85% LTV and at a very attractive long-term rate.

In addition to high loan to value lending, the lender is comfortable taking a holistic view of multiple and non-conventional income streams.

This lender will allow borrowers to fix their mortgage over a 5-year term and at a rate of 2.24%, whether they’re purchasing or remortgaging. So, if you are planning on remaining in your property for the next five years, this is the perfect opportunity to fix before interest rates rise, enabling you to make a saving over the long-term.

This product will even allow clients to raise capital against their property should they wish to release any equity from their asset. For example, people may decide to fix over the long term and carry out works to accommodate their needs, rather than move.

Further flexibility is available in the event a client’s plans or circumstances change, as the mortgage can be ported to a new property within the 5-year term.

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