2.98% fixed rate mortgage from the Furness Building Society. £999 product fee. Maximum LTV 90%. Early Repayment Charge of 3% for the first year, 2% for the second year and 1% in the third year of incentive.
A mortgage of £162,000 payable over 25 years initially on a fixed rate for 3 years at 2.98% and then on our Mortgage Variable Rate (MVR) of 5.29% (variable) for the remaining 22 years would require 36 monthly payments of £771.48 and 264 monthly payments of £957.87.
The total amount payable would be £281,040.96 made up of the loan amount plus interest (£279,606.96), an Application fee of £999.00, 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 5.00% APR representative.
Please note the example above is for a house purchase on a capital and interest basis.
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