|Period of Loan||Rate Payable|
Initial Variable Rate, Currently:
|Month 61 onwards||
Standard Variable Rate, Currently:
|Overall cost for comparison||4.3% 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.
No Product Fee
£30,000 to £350,000 for any single property
Interest Only, Repayment or Mixed Interest-Only/Repayment.
During the first 5 years any additional amount repaid above the 5% permitted will be subject to an Early Repayment Charge of 5% of the amount repaid within the first year, then 4% for the second year, 3% for the third year, 2% for the fourth year and 0% in the final year.
Regular overpayments are not permitted during the first 4 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 amount outstanding at the time of the rate switch in each of the first 4 years without an early repayment charge. However, during the first 4 years any additional amount repaid above the 5% permitted will be subject to an Early Repayment Charge of 5% of the amount repaid in year 1, 4% of the amount repaid in year 2, 3% of the amount repaid in year 3, 2% of the amount repaid in year 4 & 0% of the amount repaid in year 5. 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 £89,979 payable over 19 years and 9 months initially on a discount rate for 5 years at 3.14% and then on our current variable rate of 5.24% for the remaining 14 years and 9 months would require 60 monthly payments of £509.95 and 177 monthly payments of £586.26.
The total amount payable would be £134,490.02 made up of the loan amount plus interest (£44,386.02) and mortgage exit fees (£125).
The overall cost for comparison is 4.3% APRC representative.