|Initial Rate1||Currently 3.65%|
|Overall Cost For Comparison2||5.6% APRC|
|MAX LTV3||95% of the share being purchased, 75% property value|
|Early Repayment Charge||NIL|
|Product Fees||£199 application fee|
A mortgage of £60,800.00 payable over 30 years initially on a variable rate, currently 3.65% for 2 years and then on our current standard variable rate of 5.75% for the remaining 28 years would require 23 monthly payments of £278.56 and 336 monthly payments of £351.10; plus one initial interest payment of £188.48.
The total amount payable would be £125,288.96 made up of the loan amount, plus interest and fee(s) totalling £64,488.96. This includes Application Fee (£199), Legal Fees (£350), Chaps Fee (£25) and Redemption Administration Fee (£150).
The overall cost for comparison is 5.6% APRC representative.