|Initial Rate1||Currently 2.99%|
|Overall Cost For Comparison2||5.3% APRC|
|MAX LTV3||55% (age 65+), 40% (up to age 65)|
|Early Repayment Charge||NIL|
|Product Fees||£199 application fee, £800 completion fee|
A mortgage of £80,000.00 payable over 40 years initially on a variable rate, currently 2.99% for 5 years and then on our current standard variable rate of 5.75% for the remaining 35 years would require 59 monthly payments of £199.33 and 420 monthly payments of £383.63; plus one initial interest payment of £137.62.
The total amount payable would be £254,706.69 made up of the loan amount, plus interest and fee(s) totalling £174,706.69. This includes Application Fee (£199), Valuation Fee (£160), Legal Fees (£350), Chaps Fee (£25), Completion Fee (£800) and Redemption Administration Fee (£150).
The overall cost for comparison is 5.3% APRC representative.