The following is a representative example based on a mortgage of £400,000 payable over 25 years initially on a discounted variable rate of 4.49% for 2 years, a further discounted variable rate of 7.04% for 4 years, followed by our Standard Variable Rate of 8.29%. In this example you would make 24 monthly payments of £2,221.06, 48 payments of £2,796.69 and 228 monthly payments of £3,062.90.
The total amount payable would be £888,586.76 made up of the loan amount plus interest of £485,887.76 and the following costs, a Scheme Fee of (£1,999.00), a Chaps/Telegraphic Transfer fee (£25.00), a Valuation Fee (£625.00), and a Mortgage Exit Administration Fee (£50.00).
The overall cost for comparison is 7.4% APRC representative.
Note: What you will pay may vary from this and will depend on your personal circumstances.