MSE News: Mortgage holders could save by switching to daily interest

edited 30 November -1 at 1:00AM in Mortgages & Endowments
1 reply 1.6K views
MSE_GuyMSE_Guy MSE Staff
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edited 30 November -1 at 1:00AM in Mortgages & Endowments
This is the discussion thread for the following MSE News Story:

"Mortgage holders whose interest is calculated once a year could save cash by switching to a deal where interest is worked out on a daily basis ..."


Replies

  • ConsumeristConsumerist Forumite
    6K Posts
    Part of the Furniture 1,000 Posts Name Dropper
    ✭✭✭✭
    If your mortgage has only a few years to run then, if interest is charged annually, the actual rate is much higher than the quoted annual rate.

    Mortgages are excluded from the requirements of quoting the more realistic APR so the banks get away with hiding the true rate.
    .
    >:)Warning: In the kingdom of the blind, the one-eyed man is king.
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