Representative Example: Mortgage of £100,000 on property valued at £200,000 over term of 25 years. Rate fixed untilfor 26 months after which reverts to HSBC variable rate of 4.04%.
Representative Example:
Mortgage of £100k on property valued at £200k over term of 26 months. Rate fixed for 2 years after which reverts to HSBC variable rate of 4.04%.
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A repayment mortgage of £120,000 payable over 28 years and 1 month initially on a fixed rate for 2 years at 1.99% and then on the lender current variable rate of 3.69% (variable) for the remaining 26 years and 1 month would require 24 monthly payments of £465.20 and 312 monthly payments of £565.39 and one final payment of £565.19.
The total amount payable would be £189,357.67 made up of the loan amount plus interest (£68,161.67), booking fee (£999), completion fee (£30) and valuation fee (£197).
In this example the overall cost for comparison is 3.7% APRC representative.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT
A repayment mortgage is a type of mortgage where the monthly payments consist of a proportion of the original amount borrowed (known as the capital) plus a proportion of the interest owed.
Repayment mortgages are also commonly known as capital and interest mortgages due to the nature of these payments. This differs from an interest only mortgage where only the interest is paid off during the term of the mortgage.
You can compare a vast range of repayment mortgage deals, and find the best one for you, using our free online mortgage comparison tool below.
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