Initial Rate for 5 years
Followed by the Mortgage Variable Rate - currently
The overall cost for comparison is
Your home may be repossessed if you do not keep up repayments on your mortgage
PRODUCT CODE – RFX30
This is a 2.79% 5 year fixed rate mortgage. 20% equity is required.
This mortgage is available for Product transfers.
An early repayment charge will apply if you repay all or part of your mortgage within the first 5 years. This charge will be applied on a sliding scale of 5% in the first year, 4% in the second year, 3% in the third year, 2% in the fourth year and 1% in the fifth year. However a maximum of 10% overpayment is allowed in each 12 month anniversary period within the first 5 years.
A mortgage of £120,000 payable over 23 years initially on a fixed rate for 5 years at 2.79% and then on our Mortgage Variable Rate (MVR) of 5.79% (variable) for the remaining 18 years would require 60 monthly payments of £589.59 and 216 monthly payments of £746.59.
The total amount payable would be £196,758.84 made up of the loan amount plus interest 76,758.84) and a Mortgage Discharge Fee of £120.00.
The overall cost for comparison is 4.6% APRC representative.
Please note the example above is for a product transfer on a repayment basis
Fill in the details below to find out how much you will need to pay on a monthly basis on a repayment mortgage and an interest only mortgage.