The APR (Annual Percentage Rate) is a way of leveling the
playing field by providing a true comparison between different
loans. It includes the cost of any "hidden" charges.
So, say for example that there are two lenders with the same
Headline
Interest Rate for a 25 year loan. One of them may force
you to pay for a mandatory survey of your property every ten
years. But they don't exactly make it clear when you take
out the loan. However the calculation of APR should include
the cost of this.
The
APR takes all the costs into account: the application
fee, the mortgage lenders valuation and so on.
So
don't just look at the "Headline
Interest Rate". Ask the lender for the APR on a particular
loan.
Oddly
the best buy mortgage tables you'll see in the press and on
some websites often don't mention the APR but focus instead
only on the "headline interest rate". When you start
to add all the "arrangement fees" that the lender
wants to charge you for the fantastic mortgage deal, suddenely
it's not such a great deal after all.
Simple
answer: Ask "What exactly is the APR on your 2 year pink
flamingo fantastico mortgage (or whatever they call it).
If
the person in the call centre doesn't give you a straight answer
quickly, then tell them you think they are breaking
the law and will be calling their local trading standards office.
Good luck with getting their name....
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