What will the monthly mortgage payments be at the new quoted interest rate?
The adviser should tell you exactly what your monthly payments will be at the rate quoted. In addition, make sure they show you how much you would be paying at the standard variable rate to give you an idea of what you will be paying after your product term comes to an end. 6. What is an annual percentage rate (APR?) The annual percentage rate (APR) has to appear in all adverts alongside the headline mortgage rate. APR’s are meant to provide customers with true reflections of the cost of loans, and help them compare different deals. In practice, the APR is unreliable and no substitute for individually-prepared quotes listing all upfront and ongoing costs. 7. What are the early redemption charges (ERCs)? Most mortgage lenders apply early redemption charges (ERCs) to certain deals, such as fixed rates and discounts, for example. An ERC is usually calculated a several month’s interest on a loan, and can run to thousands of pounds. You may be charged an ERC if you pay off or switch your mo
