'Ignore mortgage APR rates, they're a meaningless load of b…aloney!' blog discussion

This is the discussion to link on the back of Martin's blog. Please read the blog first, as this discussion follows it.




Please click 'post reply' to discuss below.

Replies

  • RaspberryFoolRaspberryFool Forumite
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    Part of the Furniture 10 Posts Combo Breaker
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    Martin,
    I can understand your argument but I thought that one of the advantages that the APR had over the 'advertised rate' was that it included all the fees and other charges that one might get charged for arranging the mortgage. I don't believe that simply comparing the advertised rates will work as you infer. A quick look around shows some providers advertising what appear to be very low fixed rates for two years but with a fee of £2000, whilst others show a higher rate but only charge a fee of ~£500. May be another requirement for an MSE tool?

    RF
    RaspberryFool
    Men are from Mars, Women are from ... Cadburys!
  • JimmyTheWigJimmyTheWig Forumite
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    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
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    I agree, Raspberry Fool.
    I always say that you need a sort of APR equivalent for the length of the deal.
  • MobeerMobeer Forumite
    1.9K Posts
    Part of the Furniture 1,000 Posts Academoney Grad Photogenic
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    Yet another article that forgets about fees!
This discussion has been closed.
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