Representative Example - Fixed Rate
A mortgage of £200,000 payable over 25 years initially on a fixed rate for 2 years at 1.29% and then our variable rate of 3.85% for the remaining 23 years would require 24 monthly payments of £780.22 and 276 payments of £1,015.22. The total amount payable would be £300,209.31 made up of the loan amount of £200,000 plus interest of £98,925.31. A product fee of £999, a valuation fee of £255 and a CHAPS fee of £30 are also payable.
The overall cost for comparison is 3.5% APR representative.