Our choice for August’s Mortgage Deal of the Month is a 5 year fixed rate at 3.32%:
Initial Rate:
A fixed rate of 3.32% for a period of 60 months
This reverts to:
Followed by a variable rate which is 3.49% above the Bank of England base rate, currently 1.75%, giving a current rate payable of 5.24% for the remaining term of the mortgage.
The overall cost for comparison is:
The APRC applicable to your loan is 4.4%
£999 arrangement fee
Features:
- Available on residential loans up to 60% of the purchase price or valuation of the property, whichever is the lower.
- Available for purchase and remortgage
- The product is available for loans between £50,000 and £1,500,000
- Early repayment charge: 4.50% of the amount repaid during the first 24 months; 4.00% of the amount repaid during the following 12 months; 2.50% of the amount repaid during the following 12 months; 1.00% of the amount repaid during the following 12 months.
Information is correct as at 10th August 2022.
Representative Example: 4.2% APRC based on borrowing £300,000 over 20 years on 3.29% fixed for a period of 60 months, giving 60 monthly payments of £1,713.48 followed by 180 payments of £1,890.28 on a variable rate (currently 4.74%). Total amount payable £443,124.20 including the following one off cost – £999 lender arrangement fee