|Initial Rate1||Currently 2.29%|
|Overall Cost For Comparison2||4.7% APRC|
|Early Repayment Charge||3%|
|Product Fees||£199 application fee, £300 completion fee|
A mortgage of £120,000.00 payable over 15 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 12 years would require 35 monthly payments of £229.00 and 144 monthly payments of £535.04 plus one initial interest payment of £225.86.
The total amount payable would be £206,190.62 made up of the loan amount, plus interest and fee(s) totalling £86,190.62. 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 4.7% APRC representative.