|Initial Rate1||Currently 3.49%|
|Overall Cost For Comparison2||5.2% 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 3.49% 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 £727.08 and 264 monthly payments of £1,114.51 plus one initial interest payment of £739.00.
The total amount payable would be £572,913.44 made up of the loan amount, plus interest and fee(s) totalling £322,913.44. 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 5.2% APRC representative.