Our choice for March’s Mortgage Deal of the Month is a 5 year fixed rate at 1.24%:
Initial Rate:
A fixed rate of 1.24% for a period of five years
This reverts to:
The lenders Standard Mortgage Variable Rate, currently 3.59%, for the remaining term of the mortgage.
The overall cost for comparison is:
The APRC applicable to your loan is 2.5%
£1,499 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 £300,000 and £1,000,000
- Early Repayment Charges (ERC) of 3% of loan amount redeemed to be paid within 2 years; then 2.5% of loan amount redeemed to be paid for next 1 year; then 1.75% of loan amount redeemed to be paid for next 1 year; then 0.75% of loan amount redeemed to be paid for next 1 year
Information is correct as at 5th March
Representative example:
Representative Example: 3.8% APRC based on borrowing £400,000 over 25 years on 1.44% fixed until 30.06.21, giving 24 monthly payments of £1,592.46 followed by 274 payments of £2,119.62 on a variable rate (currently 4.24%). Total amount payable £622,541 including the following one off cost – £999 lender arrangement fee.