The following is a representative example based on a mortgage of £180,000 payable over 25 years initially on a discounted variable rate of 4.19% for 5 years, a further discounted variable rate of 7.04% for 1 year, followed by our Standard Variable Rate of 8.29%. In this example you would make 60 monthly payments of £969.09, 12 payments of £1,223.40 and 228 monthly payments of £1,339.86.
The total amount payable would be £378,364.28 made up of the loan amount plus interest of £198,314.28 and the following cost, a Mortgage Exit Administration Fee (£50.00).
The overall cost for comparison is 6.60% APRC representative.
Note: What you will pay may vary from this and will depend on your personal circumstances.