The following is a representative example based on a mortgage of £200,000 payable over 25 years initially on a discounted variable rate of 5.95% for 2 years, a further discounted variable rate of 7.34% for 4 years, followed by our Standard Variable Rate of 8.59%. In this example you would make 24 monthly payments of £1,282.50, 48 payments of £1,446.97 and 228 monthly payments of £1,583.08. This example assumes the repayment method is capital and interest.
The total amount payable would be £463,536.80 made up of the loan amount plus interest of £261,176.80 and the following costs, a Scheme Fee of (£1,000.00), a Chaps/Telegraphic Transfer fee (£25.00), a Valuation Fee (£565.00), a Packager's Fee (£695.00), and a Mortgage Exit Administration Fee (£75.00).
The overall cost for comparison is 8.1% APRC representative.
Note: What you will pay may vary from this and will depend on your personal circumstances.