|Initial Rate1||Currently 3.55%|
|Overall Cost For Comparison2||5.7% APRC|
|Early Repayment Charge||2%|
|Product Fees||£199 application fee, 1% completion fee|
A mortgage of £97,500.00 payable over 18 years initially on a variable rate, currently 3.55% for 2 years and then on our current standard variable rate of 5.75% for the remaining 16 years would require 23 monthly payments of £288.44 and 192 monthly payments of £467.16; plus one initial interest payment of £ 293.97.
The total amount payable would be £ 195,951.81 made up of the loan amount, plus interest and fee(s) totalling £98,451.81. This includes Application Fee (£199), Valuation Fee (£225), Legal Fees (£255), Chaps Fee (£25), Completion Fee (£975) and Redemption Administration Fee (£150).
The overall cost for comparison is 5.7% APRC representative.