|Period of Loan||Rate Payable|
Initial Variable Rate, Currently:
|Month 25 onwards||
Standard Variable Rate, Currently:
|Overall cost for comparison||4.6% APRC|
Interest Rates are fixed.
£999 (can be added to the loan)
£50,000 to £500,000
Interest Only, Repayment or Mixed Interest-Only/Repayment.
During the first 2 years an early repayment charge of 3% of the amount repaid will be incurred. After this period no early repayment charges apply.
Regular overpayments are not permitted during the first 2 years from completion. Regular overpayments are amounts collected with, and in addition to, your monthly mortgage payments. You may make capital repayments of up to 5% of the original sum borrowed in each of the first 2 years without an early repayment charge. However, during the first 2 years any additional amount repaid above the 5% permitted will be subject to an Early Repayment Charge of 3% of the amount repaid. Following receipt of a lump sum payment, the amount that you owe, and so the amount of interest you pay, is reduced immediately.
A mortgage of £232,892 payable over 18 years and 11 months initially on a fixed rate for 2 years at 2.59% and then on our current variable rate of 5.24% for the remaining 16 years and 11 months would require 24 monthly payments of £1,298.81 and 203 monthly payments of £1,586.53.
The total amount payable would be £355,056.03 made up of the loan amount plus interest (£120,345.03), product fee, (£999), valuation fee (£420), legal costs (estimated £250), funds transfer fee (£25) and mortgage exit fees (£125).
The overall cost for comparison is 4.8% APRC representative.