A mortgage of £112,000 payable over 22 years initially on a discount variable rate for 2 years at 1.69% and then on our current Standard Variable Rate of 5.95% (variable) for the remaining 20 years would require 24 monthly payments of £509.73 and 240 monthly payments of £740.26.
The total amount payable would be £189,985.92 made up of the loan amount (£112,000) plus interest (£77,577.76) plus product fee £199, account fee of £120 and mortgage exit fee of £90.
The overall cost for comparison is 5.2% APRC representative.
This representative example assumes a mortgage completion date on the 1st day of a calendar month.
The above representative example is for illustration purposes only and may vary depending on your personal circumstances.