|Initial Rate1||Currently 3.05%|
|Overall Cost For Comparison2||5.1% APRC|
|Early Repayment Charge||3%|
|Product Fees||£199 application fee, £1,800 completion fee|
A mortgage of £208,000 payable over 20 years initially on a variable rate, currently 3.05% for 3 years and then on our current standard variable rate of 5.35% for the remaining 17 years would require 35 monthly payments of £528.67 and 204 monthly payments of £927.26 plus one initial interest payment of £537.33.
The total amount payable would be £418,871.82 made up of the loan amount, plus interest and fee(s) totalling £210,871.82. This includes Application Fee (£199), Valuation Fee (£266), Legal Fees (£255), Chaps Fee (£25), Completion Fee (£1,800) and Redemption Administration Fee (£125).
The overall cost for comparison is 5.1% APRC representative.