|Period of Loan||Rate Payable|
Initial Fixed 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)
£40,000 to £475,000
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 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 £142,133 payable over 23 years and 5 months initially on a fixed rate for 2 years at 1.99% and then on our current variable rate of 4.99% for the remaining 21 years and 5 months would require 24 monthly payments of £633.20 and 257 monthly payments of £839.61.
The total amount payable would be £232,350.57 made up of the loan amount plus interest (£88,843.57), product fee (£999), legal costs (estimated £250) and mortgage exit fees (£125).
The overall cost for comparison is 4.6% APRC representative.