A mortgage of £92,625 payable over 15 years initially on a fixed rate for 3 years at 3.99% and then on our current Standard Variable Rate of 5.95% (variable) for the remaining 12 years would require 24 monthly payments of £687.77 and 144 monthly payments of £764.97.
The total amount payable would be £135,005.40 made up of the loan amount (£92,625) plus interest (£41,871.33) product fee £299, account fee of £120 and mortgage exit fee of £90.
The overall cost for comparison is 5.4% 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.