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First Homes Mortgages
This type of mortgage is for existing borrowers, who currently have a First Homes Mortgage, whose product is coming to an end or need additional borrowing.
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Government First Homes Scheme - 2 Year Discount 95% LTV
Initial Interest Rate
5.89%
Maximum Loan To Value (LTV)
95%
Overall Cost for Comparison
7.80%
Product Code
R197
The following is a representative example based on a mortgage of £216,634 payable over 25 years initially on a discounted variable rate of 5.89% for 2 years, a further discounted variable rate of 7.24% for 4 years, followed by our Standard Variable Rate of 8.49%. In this example you would make 24 monthly payments of £1,381.25, 48 payments of £1,553.64 and 228 monthly payments of £1,700.37.
The total amount payable would be £495,484.08 made up of the loan amount plus interest of £278,775.08 and the following cost, a Mortgage Exit Administration Fee (£75.00).
The overall cost for comparison is 7.8% APRC representative.
Note: What you will pay may vary from this and will depend on your personal circumstances.