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Interest rate and apr

piglets · 2016-02-05 23:02:31

Hi, I am just looking at mortage interest rates for existing customers on your website as I am thinking about changing from variable to fixed. For 1 Year Fixed LTV 61%-80% the interest rate is 3.6% but APR is 4.2%. Why the big difference?

05-02-2016 11:02pm

#1

piglets

Registered Users, Registered Users 2 Posts: 4 ✭

Join Date: April 2012

Posts: 1

Hi,

I am just looking at mortage interest rates for existing customers on your website as I am thinking about changing from variable to fixed. For 1 Year Fixed LTV 61%-80% the interest rate is 3.6% but APR is 4.2%. Why the big difference?

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Comments

#2 06-02-2016 8:18am

Bank of Ireland: Sarah

Closed Accounts Posts: 1,640 ✭✭✭

Join Date: January 2014

Posts: 1596

Hi piglets,

Thanks for contacting us here on Boards.ie

The interest rate displayed is what you will pay each year whereas the APR will include the interest as well the costs involved such as any fees and charges for the mortgage. If you would like to discuss this in more detail, would recommend calling our existing Mortgage team on 01 - 611 3333 and a representative will be happy to go through this with you.

We also have Mortgage calculators on our website which you may find useful https://goo.gl/q8IxmY

Please let us know if we can help with any other query.

Thanks,
Sarah

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