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Flexible mortgage scheme offering a mix of IO and repayment
|
erest on COMPONENT |
|
total mortgagemount 200 000 e |
|
REPAYMENT COMPONENT |
Why not contact us for details of this interesting mortgage scheme benefitting from 50% being in interest only with the option to repayment capital off during the course of the mortgage term or at the end , without penalty based on a variable rate or capped mortgage scheme . Whilst the other 50% is on a repayment basis.
Total mortage amount - 200 000 E
Part one - IO ( 100.000 E)
|
Mortgage amount |
Interest rate |
APRC (TEG) |
Interest Type |
Term |
Number of instalments |
Interest only payment excluding life assurance (€) |
Monthly estimated cost of life assurance (€) |
Monthly Payment (£) includes life assurance |
Total Amount Payable (£) |
Total cost of credit (£) |
|
€100,000 |
2.00% |
2.60% |
Interest only variable |
14yrs |
168 |
€161.17 |
€33 |
£171.83 |
£119,222 |
£31,922 |
|
|
Part two - repayment ( 100 000 E)
|
Mortgage amount |
Interest rate |
APRC (TEG) |
Interest Type |
Term |
Number of instalments |
Capital + interest Repayment excluding life assurance (€) |
Monthly estimated cost of life assurance (€) |
Monthly Payment (£) includes life assurance |
Total Amount Payable (£) |
Total cost of credit (£) |
|
€100,000 |
1.75% |
2.50% |
Capped Variable (capped 1% for 7 years) |
20yrs |
240 |
€494.13 |
€23 |
£457.64 |
£109,833 |
£21,337 |
|
otal cost (COMBINED) |
TOTAL PAYMENT PM COMBINING THE TWO PARTS ( 200 000 E)
|
Period |
Number of instalments |
Total monthly payment excluding life assurance (€) |
Total Monthly estimated cost of life assurance (€) |
Total Monthly Payment (£) (includes life assurance) |
|
First 14 years |
168 |
€655,30 |
€56
|
£629.47
|
|
Year 15 to Year 20 |
72 |
€494.13 |
€23 |
£457.64 |
|
Total Amount Payable (£) |
Total cost of credit (£) |
APRC |
|
£230,693 |
£53,702 |
2.5% |
NOTES TO THE ABOVE MORTGAGE SCHEME
Exchange rate applied E1.13/ £1.00
The minimum mortgage amount :E 200 000
The maximum loan to value (LTV): 80%
Prior to, or at the end of the interest- only period (minimum 7 years, maximum 14 years) , the capital borrowed in interest-only will need to repaid in full
The maximum mortgage term for repayment is 25 years
The figures quoted are for illustration only, and assume no change in the interest rates.
Note the variable and capped rate can change throughout the term, subject to the capped rate not exceeding the cap of +1% on the initial rate in the first 7 years of the mortgage term
Interest Rate Options
Interest- only ( 7- 14 years ) : a variable rate linked to 3 month EURIBOR, variable rate with a cap of +1% on the initial rate for the first 7 years ,linked to 3 month EURIBOR or a fixed rate
Repayment : a variable rate with a cap of +1% on the initial rate ,linked to 3 month EURIBOR or a fixed rate
The life assurance premiums. The figures quoted are estimates based on the French bank’s typical block policy rates for one borrower in normal health where the cover provided is for 100% of the mortgage balance. The policy type is level term assurance (IO mortgage) and decreasing term assurance (capital repayment mortgage). Note for Lower loan to values the life assurance is not always compulsory subject to meeting certain criteria .
Early redemption penalties do not apply to the variable and capped rate mortgage schemes
For long term fixed rates they are equal to 6 months interest, capped at 3% of the capital outstanding . The minimum mortgage amount for partial early repayment is 10% of the initial mortgage amount borrowed.
The bank arrangement fee is fixed at 1500E (For mortgage amounts in excess of 800 000 E the fee is 0.3%)
The APRC calculation has been based on an estimate for the associated mortgage costs over the term of the mortgage, which are life assurance premiums, the mortgage registration fee, the bank arrangement fee, and the total mortgage interest.
