|Initial Rate1||Currently 3.65%|
|Overall Cost For Comparison2||5.5% APRC|
|Early Repayment Charge||3%|
|Product Fees||£199 application fee, £1,800 completion fee|
A mortgage of £250,000 payable over 25 years initially on a variable rate, currently 3.65% for 3 years and then on our current standard variable rate of 5.75% for the remaining 22 years would require 35 monthly payments of £760.42 and 264 monthly payments of £1,201.47, plus one initial interest payment of £100.28.
The total amount payable would be £596,715.06 made up of the loan amount, plus interest and fee(s) totalling £346,715.06. This includes Application Fee (£199), Valuation Fee (£383), Legal Fees (£255), Chaps Fee (£25), Completion Fee (£1,800) and Redemption Administration Fee (£150).
The overall cost for comparison is 5.5% APRC representative.