|Initial Rate1||Currently 4.49%|
|Overall Cost For Comparison2||5.8% APRC|
|Early Repayment Charge||2%|
|Product Fees||£199 application fee, £999 completion fee|
A mortgage of £108,000 payable over 35 years initially on a variable rate, currently 4.49% for 2 years and then on our current standard variable rate of 5.75% for the remaining 33 years would require 23 monthly payments of £510.95 and 396 monthly payments of £597.00 plus one initial interest payment of £53.32.
The total amount payable would be £250,039.17 made up of the loan amount, plus interest and fee(s) totalling £142,039.17. This includes Application Fee (£199), Valuation Fee (£194), Legal Fees (£255), Chaps Fee (£25), Completion Fee (£999) and Redemption Administration Fee (£150).
The overall cost for comparison is 5.8% APRC representative.