|Initial Rate1||Currently 3.49%|
|Overall Cost For Comparison2||5.8% APRC|
|Early Repayment Charge||2%|
|Product Fees||£199 application fee, £1,800 completion fee|
A mortgage of £75,000 payable over 12 years initially on a variable rate, currently 3.49% for 2 years and then on our current standard variable rate of 5.75% for the remaining 10 years would require 23 monthly payments of £218.13 and 120 monthly payments of £359.43 plus one initial interest payment of £207.40.
The total amount payable would be £125,784.99 made up of the loan amount, plus interest and fee(s) totalling £50,784.99. This includes Application Fee (£199), Legal Fees (£255), Chaps Fee (£25), Completion Fee (£1,800) and Redemption Administration Fee (£150).
The overall cost for comparison is 5.8% APRC representative.