Rates are currently available from 1.64% fixed for five years (4.1% APRC).
An interest only loan of £97,500 over a 25 year term based on this interest rate would give initial payments of £133.25 per month.
This is based on a 25 year term (with 300 monthly payments) and assuming at the end of the five years, you then went onto the lenders standard variable rate, you would pay back a total of £200,767 including the £97,500 borrowed, which would be due to be repaid at the end of the term.
The lender would charge a 2% product fee, which can be added to the loan if required. Our standard broker fee of £795 is payable on completion.
The actual rate would depend on your individual circumstances.
Please ask for your free personalised key facts illustration by calling one of our friendly and professional mortgage advisers on 01902 530371.