A mortgage of £93,000.00 payable over 16 years initially on a fixed rate for 2 years at 2.25% and then on our current Standard Variable Rate of 5.70% (variable) for the remaining 14 years would require 24 monthly payments of £580.20 and 168 monthly payments of £722.97.
The total amount payable would be £135,483.76 made up of the loan amount (£93,000) plus interest (£41,905.21) product fee £359, 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.