Total cost calculation

Total cost provides a suitable way of comparing mortgages to see which is cheaper. It also makes it easier to compare the different deals concerning the APR’s. The mortgage search gives you the option of ordering mortgages in terms of total cost based on how long you think you will have your mortgage for. The total cost calculation looks at the total amount of monthly payments over your chosen period and takes into account the following number of points: -

1. The monthly repayments over the period of time you have selected.

2. The valuation fee, arrangement fee, booking fee, admin fee, any MIGs, legal fees and any standard redemption fees concerning your mortgage.

3. Whether the lender refunds any of these fees.

4. Whether the lender charges interest on a daily, monthly or annual basis.

5. Whether any cash back is available by deducting this from the total cost figure.