|Initial Rate1||Currently 4.40%|
|Overall Cost For Comparison2||5.8% APRC|
|Early Repayment Charge||3%|
|Product Fees||£199 application fee, £1,800 completion fee|
A mortgage of £109,000.00 payable over 15 years initially on a variable rate, currently 4.40% for 3 years and then on our current standard variable rate of 5.75% for the remaining 12 years would require 35 monthly payments of £399.67 and 144 monthly payments of £522.25 plus one initial interest payment of £407.33.
The total amount payable would be £201,188.78 made up of the loan amount, plus interest and fee(s) totalling £92,188.78. This includes Application Fee (£199), Valuation Fee (£160), Legal Fees (£255), Chaps Fee (£25), Completion Fee (£1,800) and Redemption Administration Fee (£150).
The overall cost for comparison is 5.8% APRC representative.