calculator confusions

garydufley

Hi

I'm a first time buyer, currently feeling a bit dim

On the calculator 78% LTV on a 160k (35k dep) it gives me a rate of 1.54%

However on say rightmove, or on say barclays site, it lists this APRC at 3.9% (and also the variable rate which will come into play when the 2 year fixed or whatever runs out)

obviously there a big difference in terms of payment

which one would I actually be paying? (or budgeting for)

would it be the 1.54 or the 3.9 APRC

thank you

LRmortgage

APRC includes all charges as well as the variable rate over the term of the mortgage, the 1.54 is what you will pay for the initial product, presume this is a 2 year fixed?

amnblog

The 1.54% rate is the key.

The APRC figure has zero value to you.

It is an overall equivalent cost based on something that won’t happen - i.e. you take the 1.54% rate for two years, then spend the remaining years on your mortgage with the same lender on the standard variable rate.

Absolute waste of everyone’s time and thinking power.

garydufley

brilliant

thank you both very much

I just need to figure out the 47,653 different types of mortgage now

LRmortgage

Use a broker, we can help you navigate all the differences.

amnblog

garydufley wrote: »

brilliant

thank you both very much

I just need to figure out the 47,653 different types of mortgage now

There are two types.

The 47,652 that are not right for you.

The other one.