View more on these topics

Savills claims UK&#39s biggest mortgage at £15.2m

A £15.2m mortgage secured by Savills Private Finance is believed to be the biggest homeloan arranged in Britain.

The businessman who took out the mortgage will have to pay £69,667 interest each month. However, repayments would rise to £82,000 if interest rates went up by 1 per cent by the end of the year, as predicted by the Council of Mortgage Lenders.

The borrower has taken out a five-year base-rate tracker at 1.25 per cent above the Bank of England base rate, which is currently 4.25 per cent.

The property in Belgravia, central London, boasts 12 bedrooms over five storeys, staff quarters and a swimming pool.

It is the second massive deal that Savills has completed this year. In January, it secured a £12m loan for a housebuyer in Kensington and Chelsea.

The previous mortgage record was for £12.9m lent in 2001.

Savills says the deal took weeks of negotiations and the size of the mortgage indicates the confidence that the lender and borrower have in the housing market.

Savills Private Finance director Simon Jones says: “Although we do a £1m deal every day, deals above the £10m mark come along very rarely.”

Recommended

FSA authorises more mortgage and GI firms

The FSA has announced that by the 31st May it had received 17,586 registrations from the mortgage and general insurance sectors to obtain an application pack and 10,515 applications for authorisation. 6,484 registrations were from the mortgage sector, 5,810 from the primary insurance market and 5,292 from the secondary insurance market. Also, by the end […]

Would fees bring trust?

From the sublime to the ridiculous. I am an avid reader of Money Marketing but have never really read an article about the fees •commission debate that hits the nail on the head more accurately than Tom Kean&#39s Independent View (Money Marketing, May 13). He asks why do people think that previously dishonest and income-hungry […]

Wrap firms warned that registration charges could cost them the market

Extra charges on wrap platforms could threaten the development of existing propositions and see new entrants dominate the market, according to leading technology experts. Retail financial services consultancy Cydonia director Allan Greenshields says most of the companies building wrap platforms are looking at building re-registration charges into their initial costs. When an IFA puts a […]

Wake-up call for industry

The key findings of research among consumers carried out by NOP for the FSA were that: • Consumers generally find it difficult to compare financial companies or advisers, mainly because it is thought to be confusing • Over 25 per cent of respondents were not aware of how firms are rewarded for selling products or […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com