|Initial Rate1||Currently 3.69%|
|Overall Cost For Comparison2||5.6% APRC|
|Early Repayment Charge||2%|
|Product Fees||£199 application fee, no completion fee|
A mortgage of £279,270 payable over 25 years initially on a variable rate, currently 3.69% for 2 years and then on our current standard variable rate of 5.75% for the remaining 23 years would require 23 monthly payments of £858.76 and 276 monthly payments of £1,342.03 plus one initial interest payment of £113.25.
The total amount payable would be £670,164.01 made up of the loan amount, plus interest and fee(s) totalling £390,894.01. This includes Application Fee (£199), Legal Fees (£255), Chaps Fee (£25) and Redemption Administration Fee (£150).
The overall cost for comparison is 5.6% APRC representative.