|Initial Rate1||Currently 2.29%|
|Overall Cost For Comparison2||5.0% APRC|
|Early Repayment Charge||3%|
|Product Fees||£199 application fee, £1,300 completion fee|
A mortgage of £169,911.00 payable over 25 years initially on a variable rate, currently 2.29% for 3 years and then on our current standard variable rate of 5.35% for the remaining 22 years would require 35 monthly payments of £324.25 and 264 monthly payments of £757.47 plus one initial interest payment of £329.56.
The total amount payable would be £383,731.39 made up of the loan amount, plus interest and fee(s) totalling £213,820.39. This includes Application Fee (£199), Valuation Fee (£266), Legal Fees (£255), Chaps Fee (£25), Completion Fee (£1,300) and Redemption Administration Fee (£125).
The overall cost for comparison is 5.0% APRC representative.