1.59% variable rate for 2 years. This is the current Mortgage Variable Rate with a 3.70% discount.
A mortgage of £630,000 payable over 25 years initially on a discounted rate for 2 years at 1.59% and then on our Mortgage Variable Rate (MVR) of 5.29% (variable) for the remaining 23 years would require 24 monthly payments of £836.80 and 276 monthly payments of £2,784.04
The total amount payable would be £1,420,822.24 made up of the loan amount plus interest (£1,418,478.24), a £1,499 Application Fee, a CHAPS Fee of £20.00, a Valuation fee £605.00, a Legal fee of £105.00, an Insurance Rearrangement fee of £25.00 , and a Mortgage Discharge Fee of £90.00.
The overall cost for comparison is 4.90% APR representative.
Please note the example above is for a house purchase on an interest only basis
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