A mortgage of £120,000.00 payable over 19 years initially on a fixed rate for 2 years at 2.25% and then on our current Standard Variable Rate of 5.95% (variable) for the remaining 17 years would require 24 monthly payments of £650.09 and 204 monthly payments of £859.28.
The total amount payable would be £190,985.28 made up of the loan amount (£120,000) plus interest (£70,375.96) product fee £399, account fee of £120 and mortgage exit fee of £90.
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.