|Initial Rate1||Currently 1.99%|
|Overall Cost For Comparison2||4.3% APRC|
|Early Repayment Charge||2%|
|Product Fees||£199 application fee, £300 completion fee|
A mortgage of £368,000 payable over 9 years initially on a variable rate, currently 1.99% for 2 years and then on our current standard variable rate of 5.75% for the remaining 7 years would require 23 monthly payments of £3,756.25 and 84 monthly payments of £4,264.38 plus one initial interest payment of £601.91.
The total amount payable would be £446,132.58 made up of the loan amount, plus interest and fee(s) totalling £78,132.58. This includes Application Fee (£199), Legal Fees (£255), Chaps Fee (£25), Completion Fee (£300) and Redemption Administration Fee (£150).
The overall cost for comparison is 4.3% APRC representative.