2.99% variable rate for 2 years. This is the current Mortgage Variable Rate with a 2.30% discount.
A mortgage of £190,000.00 payable over 25 years initially on a discounted rate for 2 years at 2.99% and then on our Mortgage Variable Rate (MVR) of 5.29% (variable) for the remaining 23 years would require 24 monthly payments of £473.53 and 276 monthly payments of £837.78
The total amount payable would be £433,029.76 made up of the loan amount plus interest (£432,594.76), a CHAPS Fee of £20.00, a Valuation fee £195.00, 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 5.10% APR representative.
Please note the example above is for a house purchase on an interest only basis
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