ohlegmacnole
Registered User
- Messages
- 16
Comparing rates When comparing the various mortgage interest rates on offer, use the annual percentage rate (APR) to compare mortgages of the same amount and term. This is the yearly rate of interest and includes all of the costs involved, such as set-up charges, the term of the loan and the interest rate. - See more at: http://www.consumerhelp.ie/mortage-interest-rates#sthash.guBUcaf2.dpuf
Completely ignore APR when looking at fixed rates.
But you should be completely ignoring fixed rates anyway. This is not the time to fix.
And you should be ignoring KBC and BoI as well as they do not pass on rate cuts to existing customers.
Brendan
In this example the KBC 1 yr fixed has the lowest rate but the highest APR.
Can anybody explain how to interpret this & where the best deal lies?
I've searched far & wide on the internet for an answer to this but am still confused.
When comparing rates from different mortgage providers, should one compare listed rates or APR?
BOI
(LTV <= 60%)
1 yr fixed Rate=3.6 APR=3.9
Versus,
KBC (LTV <= 60% & current A/C discount)
1 yr fixed Rate=3.3 APR=4.27.
In this example the KBC 1 yr fixed has the lowest rate but the highest APR.
Can anybody explain how to interpret this & where the best deal lies?
Thanks
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