I know there's been quiet a bit written on this but I can't seem to get it all clear in my head, despite reading through some old posts.
The APR "takes account of cost outlays that are payable at the beginning of a mortgage, which are additional to the interest payable". Fair enough.
I'm now a few years into my mortgage and am wondering whether to fix or not. So the 'cost outlays' at the beginning of my mortgage are dealt with. For a true picture now of comparing rates between 1,3 and 5 years, as well as pitting banks against each other....should I now be looking at the Std Rate?
Also which rate do the banks use to calculate interest? Is it APR or the Std rate ( I'm with BoI and according to my statement, interest is added every 1/4). The more I read on this the more confused I become .
The APR "takes account of cost outlays that are payable at the beginning of a mortgage, which are additional to the interest payable". Fair enough.
I'm now a few years into my mortgage and am wondering whether to fix or not. So the 'cost outlays' at the beginning of my mortgage are dealt with. For a true picture now of comparing rates between 1,3 and 5 years, as well as pitting banks against each other....should I now be looking at the Std Rate?
Also which rate do the banks use to calculate interest? Is it APR or the Std rate ( I'm with BoI and according to my statement, interest is added every 1/4). The more I read on this the more confused I become .