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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.”


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