|Initial Rate1||Currently 2.79%|
|Overall Cost For Comparison2||5.0% APRC|
|Early Repayment Charge||3%|
|Product Fees||£199 application fee, £1,300 completion fee|
A mortgage of £250,000.00 payable over 25 years initially on a variable rate, currently 2.79% 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 £581.25 and 264 monthly payments of £1,114.53 plus one initial interest payment of £590.78.
The total amount payable would be £567,666.45 made up of the loan amount, plus interest and fee(s) totalling £317,666.45. This includes Application Fee (£199), Valuation Fee (£592), 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.