|Initial Rate1||Currently 3.49%|
|Overall Cost For Comparison2||5.3% APRC|
|Early Repayment Charge||2%|
|Product Fees||£199 application fee, £800 completion fee|
A mortgage of £120,000.00 payable over 20 years initially on a variable rate, currently 3.49% for 2 years and then on our current standard variable rate of 5.35% for the remaining 18 years would require 23 monthly payments of £349.00 and 216 monthly payments of £534.95 plus one initial interest payment of £354.72.
The total amount payable would be £245,334.92 made up of the loan amount, plus interest and fee(s) totalling £125,334.92. This includes Application Fee (£199), Legal Fees (£255), Chaps Fee (£25), Completion Fee (£800) and Redemption Administration Fee (£125).
The overall cost for comparison is 5.3% APRC representative.