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Interestratefixedmortgage nsearch£451 of fees out the initial £1600 claimed based on when my account started to fall into severe down spiral.Bank Charges Reclaiming
Go to full Reclaim £1000s section >>
Frankly this next bit is about to get seriously complicated, so unless you're finding it all crystal clear so far, I'd skip it. If you don't read on, just remember the real lesson is ‘always compare like with like, thus AER with AER or Gross with Gross.'
Both these rates are usually quoted before tax, but there are two main areas where the difference shows:
See the Top Savings guide for more information.
Well, we slagged off APRs earlier, but there's a much worse measure out there. It's commonly used in the car loan market, but can occasionally be used for personal loans or in-store sales loans.
If the three little letters A, P and R don't follow the rate of a personal or car loan… danger! APRs automatically mean the rate is charged on any outstanding debt. Borrow £5,000 over 5 years and by the last year you only pay interest on the amount remaining, say £1,000. At 6% APR the total interest is £800.
With a flat rate the interest is charged on the original amount borrowed, no matter what's been repaid, so in the last year you still pay interest on the whole £5,000. With a 6% flat rate, the total interest is £1,500.
Hence 6% sounds cheap but is roughly equivalent to a costly 12% APR, so if in doubt ask "what's the total I'll repay including all charges?”
See the Cheap Loans guide for more information.
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