A mortgage of £104,500.00 payable over 22 years initially on a discount variable rate for 2 years at 1.49% and then on our current Standard Variable Rate of 5.70% (variable) for the remaining 20 years would require 24 monthly payments of £465.91 and 240 monthly payments of £675.77.
The total amount payable would be £173,466.64 made up of the loan amount (£104,500) plus interest (£68,547.74) plus product fee £199, account fee of £120 and mortgage exit fee of £100.
The overall cost for comparison is 5.0% 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.