|Initial Rate1||Currently 2.75%|
|Overall Cost For Comparison2||5.4% APRC|
|MAX LTV3||75% (70% for loans over £750,000 and under £1m)|
|Early Repayment Charge||2%|
|Product Fees||£199 application fee, £1,300 completion fee|
A mortgage of £600,000 payable over 35 years initially on a variable rate, currently 2.75% for 2 years and then on our current standard variable rate of 5.75% for the remaining 33 years would require 23 monthly payments of £2,229.37 and 396 monthly payments of £3,270.99 plus one initial interest payment of £1,401.37.
The total amount payable would be £1,349,662.92 made up of the loan amount, plus interest and fee(s) totalling £749,662.92. This includes Application Fee (£199), Chaps Fee (£25), Completion Fee (£1,300) and Redemption Administration Fee (£150).
The overall cost for comparison is 5.4% APRC representative.