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Same rate different monthly cost? Confused?
Jacka87
Posts: 370
Forumite
I was using the fsa table to try and get a quick grasp at some of the cheapest 5yr fixes at the moment.
I sorted the results by cheapest initial rate as its a fix I am looking for and was then crunching the numbers to include the fees. At which point I realised;
the Chelsea Building Society the 2nd cheapest initial rate on the table where stating a rate of 5.1% which came out as a monthly cost for me of £590
However the Leeds Building Society the 3rd cheapest initial rate on the table where stating a rate of 5.1% which came out as a monthly cost for me of £597
What I dont get as how they can quote the same rate and give a different monthly cost? Anybody know why this is, I feel I am probably being silly as this is my Monday morning of the week afte a really tiring weekend so pointing out what I have missed would be good.
Thanks
I sorted the results by cheapest initial rate as its a fix I am looking for and was then crunching the numbers to include the fees. At which point I realised;
the Chelsea Building Society the 2nd cheapest initial rate on the table where stating a rate of 5.1% which came out as a monthly cost for me of £590
However the Leeds Building Society the 3rd cheapest initial rate on the table where stating a rate of 5.1% which came out as a monthly cost for me of £597
What I dont get as how they can quote the same rate and give a different monthly cost? Anybody know why this is, I feel I am probably being silly as this is my Monday morning of the week afte a really tiring weekend so pointing out what I have missed would be good.
Thanks
Here to help and be helped!
0
Comments
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Sorry instantly after posting my question I realised I was a complete idiot as one charges rate monthly and the other annually!
the word Doh! Springs to mind!!!Here to help and be helped!0
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