|Initial Rate1||Currently 2.29%|
|Overall Cost For Comparison2||4.8% APRC|
|Early Repayment Charge||3%|
|Product Fees||£199 application fee, £300 completion fee|
A mortgage of £291,000.00 payable over 19 years initially on a variable rate, currently 2.29% for 3 years and then on our current standard variable rate of 5.35% for the remaining 16 years would require 35 monthly payments of £555.33 and 192 monthly payments of £1,297.29 plus one initial interest payment of £564.43.
The total amount payable would be £560,984.66 made up of the loan amount, plus interest and fee(s) totalling £269,984.66. This includes Application Fee (£199), Legal Fees (£255), Chaps Fee (£25). Completion Fee (£300) and Redemption Administration Fee (£125).
The overall cost for comparison is 4.8% APRC representative.