Figuring out a Halifax 3 yr stepped fixed rate.

scotmods

Hello all,

Can someone please shed some light on the following figures:

These are based on the following:

House currently value at £165,000
Remortaging amount - £120,000

Halifax have a 3yr fixed rate which is stepped,

3.99% fixed til 30/04/09
then reverts to
5.99% fixed ril 30/04/11

£999.00 Product fee
Remortgage of 23 Years.

The calculations for taking the above show as £662.92

How is this figured reached, is the £662.92 figure just for the 1st year ? If so what do the payments jump upto for the other 2 years?

Or is the figure £662.92 some sort of average based on the difference between the 1st and 2nd/3rd year rates.

Oh its all so confusing...

Thanks Chris.

_Andy_

On your quote KFI it will show the repayments for years 1 2 and 3.

scotmods

Hi,

Thanks for replying, whats the KFI ?

I dont have anything in writing as it was a quite from their website.

beecher

How many years is it for?

£120,000 over 23 years is £665 at 3.99%
At the 5.99% rate the figure is £801.90

Use http://www.moneymadeclear.fsa.gov.uk/tools.aspx?Tool=mortgage_calculator

incase I've used the wrong timescale