Mortgages. Mega Mortgages return.
With the housing market showing strong signs of recovery, especially
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- Mortgages. The return of the Mega-Mortgage.
- All of a sudden, mortgage lenders love mortgages over £500,000. Great if you can afford them.
In the past, borrowers with these mega mortgages have had a mixed reception ( life insurance ) from the lenders - they were pleased to provide the facility but they looked on them as a higher risk. For that reason they were typically charged a premium rate of interest. But no longer. The table has turned.
Mega mortgages have joined the mainstream and lenders are competing hard for the business. Instead of paying a premium, borrowers are being offered about a quarter of a percent ( cheap life insurance ) less than comparable deals for more normal sized mortgages. This is because interest rates remain low and because lenders are increasingly basing their lending decisions on the borrowers ability to afford the repayments rather than simply the security provided by the property.
If you want a mega mortgage you'll find that ( pet insurance ) the banks will generally be the most welcoming. They tend to set higher lending limits than the building societies and other mortgage lenders. Some lenders restrict the amount they'll lend against an individual property whereas many of the smaller lenders set a cap at £500,000. But perhaps the best way of sourcing a really competitive mega mortgage is to go through a specialist mortgage broker. Any broker worth their salt will be able to source a great deal on six and seven figure mortgages.
For example, the Halifax has a 4.49% fixed ( travel insurance ) rate for a two years on loans up to £2 million. They'll lend up to 90% of the property's value and the arrangement fee is just £499. If you've got at least 25% deposit then there are several deals around at 3.99% again for a two year fix with a fee of just a quarter of a percent.
Latest House Market Facts
House prices rise 0.5% during March driven by buoyant London market.
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Your home may be repossessed if you do not keep up your repayments on a mortgage or any debt secured on it. Security by way of a charge on your home may be required.
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