|Initial Rate1||Currently 2.99%|
|Overall Cost For Comparison2||5.1% APRC|
|MAX LTV3||over 80% and up to 90%|
|Early Repayment Charge||2%|
|Product Fees||£199 application fee, £800 completion fee|
A mortgage of £114,750 payable over 19 years initially on a variable rate, currently 2.99% for 2 years and then on our current standard variable rate of 5.35% for the remaining 17 years would require 23 monthly payments of £662.48 and 204 monthly payments of £791.21 plus one initial interest payment of £282.00.
The total amount payable would be £178,329.88 made up of the loan amount, plus interest and fee(s) totalling £63,579.88. 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 5.1% APRC representative.