2.74% (2.26% Discount for 3 years) 60% LTV – Self Build
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
|Description:||A variable rate, currently 5.00% with a discount of 2.26% for 3 years, giving a current rate payable of 2.74%|
|Product Features:||You may reduce your balance by up to 10% p.a without an early repayment charge being levied
Interest only option until final stage released
|SVR:||Our Standard Variable Rate is currently 5.00%|
|Fees:||£995 Arrangement Fee|
|Overall Cost for Comparison:||4.56% APRC|
|Early Repayment Charges:||
3% of balance repaid in year 1
2% of balance repaid in year 2
1% of balance repaid in year 3
At the end of the variable rate period as detailed above, your mortgage will revert to our Standard Variable Rate (SVR) applicable at the time. Our Standard Variable Rate is currently 5.00%.
Based on an assumed start date of 8/3/2019, a mortgage of £150000 payable over 25 years, initially on our discounted variable rate of 2.74% for 3 years, followed by our Standard Variable Rate currently 5.00% for the remaining 22 years, would require 36 monthly payments of £695.78 and 264 monthly payments of £861.96.
The total amount payable would be £252605.52 made up of the loan amount plus interest of £101610.52 and Arrangement Fee (£995).
The overall cost for comparison is 4.56% APRC.