The headline rate lasts two years and the other one lasts twenty
The two rates
The fixed rate for the initial period, and the reversion rate afterwards. The second is the one that applies for most of the term.
The fees
Arrangement fees added to the loan are borrowed and accrue interest. A fee-free deal at a slightly higher rate is often cheaper overall.
Early repayment charges
Usually a percentage of the balance for the fixed period. Worth knowing before circumstances change rather than afterwards.
