Representative Example:
A mortgage of £202,000.00 over 26 years initially on a discounted variable rate of 3.49% (equal to a 2.50% discount off our SVR) for 2 years and then our Standard Variable Rate of 5.99% for the remaining term, would require 24 monthly payments of £587.48 and 288 monthly payments of £1005.13.
The total amount payable would be £507,034.28 made up of the loan amount plus interest (£303,596.28) with a Application Fee of £99.00, Arrangement Fee of £899.00, Funds Transfer Fee of £25.00, Basic Valuation of £330.00 and a Mortgage Exit Fee of £85.00.
The overall cost for comparison is 5.8% APRC representative.