A mortgage of £123,000 payable over 20 years initially on a discounted variable rate for 2 years at 2.25% and then on our current Standard Variable Rate of 5.30% (variable) for the remaining 18 years would require 24 monthly payments of £639.02 and 216 monthly payments of £815.81.
The total amount payable would be £191,641.44 made up of the loan amount (£123,000) plus interest (£68143.01) product fee £289, account fee of £120 and mortgage exit fee of £90.
The overall cost for comparison is 4.8% 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.