A mortgage of £120,000.00 payable over 25 years initially on a discount variable rate for 2 years at 2.59% and then on our current Standard Variable Rate of 5.70% (variable) for the remaining 23 years would require 24 monthly payments of £545.65 and 276 monthly payments of £738.12.
The total amount payable would be £216,916.72 made up of the loan amount (£120,000) plus interest (£96,408.79) plus product fee £289, account fee of £120 and mortgage exit fee of £100.
The overall cost for comparison is 5.3% 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.