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Explanation please.......Overall rate for comparasion.
LULULU1
Posts: 462 Forumite
Just looked on the C & G Web site and they are offering a 10 year fixed at 4.99% with an overall comparision of 4.6%.
What does the overall comparasion bit mean.
Thanks
What does the overall comparasion bit mean.
Thanks
0
Comments
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It means that at the moment the SVR is lower than the fixed rate you would be getting. They calculate the term rate (for say 25 years) as though years 11 through 25 were at the current SVR ... a total nonsense, but there you go. Do your comparisons over the period you will be fixed and take a view about the possible future rates and likelihood of being able to remortgage at the end of a fixed rate period etc."I hear and I forget. I see and I remember. I do and I understand." — Confucius0
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