Representative example (Residential only):
An interest only mortgage of £750,000 payable over 25 years initially on a tracker rate for 2 years at 1.64% + base rate and then on our variable house mortgage rate of 7.75% for the remaining 23 years would require 31 monthly payments of £4,153.77 and 268 monthly payments of £4,847.66 and one final payment of £4,840.83. The total amount payable would be £2,184,655.58 made up of the loan amount plus interest (£1,432,780.58) and a product fee (£1,875) and a valuation fee (£0000) the overall cost for comparison is 7.8% APRC representative.
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