|Initial Rate1||Currently 3.59%|
|Overall Cost For Comparison2||5.3% APRC|
|Early Repayment Charge||3%|
|Product Fees||£199 application fee, 0.50% completion fee|
A mortgage of £725,000.00 payable over 23 years initially on a variable rate, currently 3.59% for 3 years and then on our current standard variable rate of 5.75% for the remaining 20 years would require 35 monthly payments of £3,871.62 and 240 monthly payments of £4,649.40 plus one initial interest payment of £2,210.55.
The total amount payable would be £1,258,695.25 made up of the loan amount, plus interest and fee(s) totalling £533,695.25. This includes Application Fee (£199), Valuation Fee (£868), Legal Fees (£255), Chaps Fee (£25), Completion Fee (£3,625) and Redemption Administration Fee (£150).
The overall cost for comparison is 5.3% APRC representative.