Because of the arrangement fee, 1250 pounds.

and also, there is only one way the rate will go, that is up.
anything below 5% is good, long termly. My working colleagues paid 14% in the eighties.

We paid Lloyds 1000 for arrangement fee, 99 for application fee, 150 to Barclays for leaving them, the solicitor 42 for transfer the money. Every move is money.