Term | 2 years |
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.