|Period of Loan||Rate Payable|
Initial Fixed Rate, Currently:
|Month 25 onwards||
Standard Variable Rate, Currently:
|Overall cost for comparison||5.0% APRC|
Interest Rates are fixed.
No Product Fee
£40,000 to £500,000
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 10% 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 10% 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 £139,391 payable over 30 years and 1 month initially on a fixed rate for 2 years at 3.30% and then on our current variable rate of 5.24% for the remaining 28 years and 1 month would require 24 monthly payments of £609.48 and 337 monthly payments of £759.01.
The total amount payable would be £270,538.89 made up of the loan amount plus interest (£131,022.89) and mortgage exit fees (£125).
The overall cost for comparison is 5.0% APRC representative.