|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 variable. All discounts are off our Standard Variable Rate. If our Standard Variable Rate changes, your monthly repayments could go up or down.
£995 (can be added to the loan)
90% LTV within our lending area**
£40,000 to £475,000
During the first 2 years an early repayment charge of 2% 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 10% of the original loan amount in each of the first 2 years without an early repayment charge. However, during the first 2 years any additional amount repaid above the 10% permitted will be subject to an Early Repayment Charge of 2% of the amount repaid in years 1 & 2. 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 £147,240 payable over 26 years and 11 months initially on a discounted variable rate for 2 years at 1.85% and then on our current variable rate of 4.99% for the remaining 24 years and 11 months would require 24 monthly payments of £579.07 and 299 monthly payments of £811.02.
The total amount payable would be £258,177.66 made up of the loan amount plus interest (£109,152.66), product fee (£995), valuation fee (£240), application fee (£150), legal costs (estimated £250), funds transfer fee (£25) and mortgage exit fees (£125).
The overall cost for comparison is 4.6% APRC representative.