The following is a representative example based on a mortgage of £216,634 payable over 25 years initially on a discounted variable rate of 5.64% 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 £1,348.50, 12 payments of £1,507.18 and 228 monthly payments of £1,650.65
The total amount payable would be £475,394.36 made up of the loan amount plus interest of £258,710.36 and the following costs, a Mortgage Exit Administration Fee (£50.00).
The overall cost for comparison is 7.3% APRC representative.
Note: What you will pay may vary from this and will depend on your personal circumstances.