{"id":6572,"date":"2023-05-29T19:22:13","date_gmt":"2023-05-29T19:22:13","guid":{"rendered":"https:\/\/www.credit-score.com\/blog\/?p=6572"},"modified":"2023-06-03T16:27:06","modified_gmt":"2023-06-03T16:27:06","slug":"what-is-aprc","status":"publish","type":"post","link":"https:\/\/www.check.co.uk\/blog\/homes\/first-time-buyers\/what-is-aprc\/","title":{"rendered":"What is APRC?"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">To understand the cost of a mortgage deal, it&#8217;s important to understand the different rates quoted. The Annual Percentage Rate of Charge (APRC) is a rate that must be included in any mortgage quotes shown to you, according to Mortgage Credit Directive rules introduced by the European Union to standardize regulations for home financing across the EU.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_89 counter-flat ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">What&#039;s Included?<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.check.co.uk\/blog\/homes\/first-time-buyers\/what-is-aprc\/#What_does_the_APRC_show\" >What does the APRC show?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.check.co.uk\/blog\/homes\/first-time-buyers\/what-is-aprc\/#What_is_the_APRC2\" >What is the APRC2?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.check.co.uk\/blog\/homes\/first-time-buyers\/what-is-aprc\/#Which_rate_is_most_important_when_choosing_a_mortgage\" >Which rate is most important when choosing a mortgage?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.check.co.uk\/blog\/homes\/first-time-buyers\/what-is-aprc\/#Frequently_Asked_Questions\" >Frequently Asked Questions<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\" id=\"h-what-does-the-aprc-show\"><span class=\"ez-toc-section\" id=\"What_does_the_APRC_show\"><\/span>What does the APRC show?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The APRC estimates your mortgage cost for the entire loan term, including the standard variable rate that would apply after any promotional period and additional expenses such as arrangement fees. It considers both the initial and subsequent interest rates.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\">When searching for a two-year fixed rate mortgage, the deals you&#8217;re offered should show multiple rates. This includes the initial rate during the fixed period, your variable rate after the fixed period ends, and the APRC. These rates give you an idea of what you&#8217;ll pay during each stage of the mortgage and the overall cost for comparison.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-is-the-aprc2\"><span class=\"ez-toc-section\" id=\"What_is_the_APRC2\"><\/span>What is the APRC2?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">When a lender recommends a mortgage deal or makes an offer, they must provide an ESIS document that explains the mortgage details. The MCD requires a second APRC, called APRC2, to be included in the ESIS. This is necessary if the mortgage includes a variable rate at any point during its term (such as a tracker rate or standard variable rate).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The APRC2 shows the loan cost using a 20-year high-interest rate as an example. This rate can be based on a benchmark provided by the city regulator (FCA) or a relevant external reference rate.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-which-rate-is-most-important-when-choosing-a-mortgage\"><span class=\"ez-toc-section\" id=\"Which_rate_is_most_important_when_choosing_a_mortgage\"><\/span>Which rate is most important when choosing a mortgage?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">When comparing mortgages using APRC and APRC2, remember that many people choose to remortgage when their initial rate ends. This allows them to take advantage of competitive mortgage deals instead of switching to their lender&#8217;s often more expensive standard variable rate.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For many homebuyers, the initial rate is more important than the APRC when selecting a mortgage because the initial rate indicates the starting interest rate. At the same time, the APRC reveals the rate if you maintain the same deal.<\/p>\n\n\n\n\n\n<p class=\"wp-block-paragraph\"><strong>It is recommended to seek professional advice if you are unsure which mortgage deal would be the most cost-effective option.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-frequently-asked-questions\"><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span>Frequently Asked Questions<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n<div class=\"wp-block-ub-content-toggle wp-block-ub-content-toggle-block\" id=\"ub-content-toggle-block-200b0542-e31a-4724-b6cc-4f95a9c96ee6\" data-mobilecollapse=\"false\" data-desktopcollapse=\"true\" data-preventcollapse=\"false\" data-showonlyone=\"false\">\n<div class=\"wp-block-ub-content-toggle-accordion\" style=\"border-color: #4185f8; border-top-left-radius: 8px; border-top-right-radius: 8px; border-bottom-left-radius: 8px; border-bottom-right-radius: 8px; \" id=\"ub-content-toggle-panel-block-\">\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-title-wrap\" style=\"background-color: #4185f8;\" aria-controls=\"ub-content-toggle-panel-0-200b0542-e31a-4724-b6cc-4f95a9c96ee6\" tabindex=\"0\">\n\t\t\t<p class=\"wp-block-ub-content-toggle-accordion-title ub-content-toggle-title-200b0542-e31a-4724-b6cc-4f95a9c96ee6\" style=\"color: #FFFFFF; \">1. What is APRC?<\/p>\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-toggle-wrap right\" style=\"color: #FFFFFF;\"><span class=\"wp-block-ub-content-toggle-accordion-state-indicator wp-block-ub-chevron-down\"><\/span><\/div>\n\t\t<\/div>\n\t\t\t<div role=\"region\" aria-expanded=\"false\" class=\"wp-block-ub-content-toggle-accordion-content-wrap ub-hide\" id=\"ub-content-toggle-panel-0-200b0542-e31a-4724-b6cc-4f95a9c96ee6\">\n\n<p class=\"wp-block-paragraph\">APRC stands for Annual Percentage Rate of Charge. It shows you, as a percentage, the annual cost of a secured loan or mortgage over its lifetime. It brings together all charges (such as fees and variable interest rates) calculated for your secured loan or mortgage for the full term without changing it\u00b3.<\/p>\n\n<\/div>\n\t\t<\/div>\n\n<div class=\"wp-block-ub-content-toggle-accordion\" style=\"border-color: #4185f8; border-top-left-radius: 8px; border-top-right-radius: 8px; border-bottom-left-radius: 8px; border-bottom-right-radius: 8px; \" id=\"ub-content-toggle-panel-block-\">\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-title-wrap\" style=\"background-color: #4185f8;\" aria-controls=\"ub-content-toggle-panel-1-200b0542-e31a-4724-b6cc-4f95a9c96ee6\" tabindex=\"0\">\n\t\t\t<p class=\"wp-block-ub-content-toggle-accordion-title ub-content-toggle-title-200b0542-e31a-4724-b6cc-4f95a9c96ee6\" style=\"color: #FFFFFF; \">2. Why has APRC been introduced?<\/p>\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-toggle-wrap right\" style=\"color: #FFFFFF;\"><span class=\"wp-block-ub-content-toggle-accordion-state-indicator wp-block-ub-chevron-down\"><\/span><\/div>\n\t\t<\/div>\n\t\t\t<div role=\"region\" aria-expanded=\"false\" class=\"wp-block-ub-content-toggle-accordion-content-wrap ub-hide\" id=\"ub-content-toggle-panel-1-200b0542-e31a-4724-b6cc-4f95a9c96ee6\">\n\n<p class=\"wp-block-paragraph\">The purpose of APRC is to show you all the costs of your mortgage, including any broker fees. This way, you can see exactly how much you\u2019ll be paying over the full term of the mortgage\u00b2.<\/p>\n\n<\/div>\n\t\t<\/div>\n\n<div class=\"wp-block-ub-content-toggle-accordion\" style=\"border-color: #4185f8; border-top-left-radius: 8px; border-top-right-radius: 8px; border-bottom-left-radius: 8px; border-bottom-right-radius: 8px; \" id=\"ub-content-toggle-panel-block-\">\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-title-wrap\" style=\"background-color: #4185f8;\" aria-controls=\"ub-content-toggle-panel-2-200b0542-e31a-4724-b6cc-4f95a9c96ee6\" tabindex=\"0\">\n\t\t\t<p class=\"wp-block-ub-content-toggle-accordion-title ub-content-toggle-title-200b0542-e31a-4724-b6cc-4f95a9c96ee6\" style=\"color: #FFFFFF; \">3. How useful is the APRC?<\/p>\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-toggle-wrap right\" style=\"color: #FFFFFF;\"><span class=\"wp-block-ub-content-toggle-accordion-state-indicator wp-block-ub-chevron-down\"><\/span><\/div>\n\t\t<\/div>\n\t\t\t<div role=\"region\" aria-expanded=\"false\" class=\"wp-block-ub-content-toggle-accordion-content-wrap ub-hide\" id=\"ub-content-toggle-panel-2-200b0542-e31a-4724-b6cc-4f95a9c96ee6\">\n\n<p class=\"wp-block-paragraph\">The APRC shows the rate you\u2019ll effectively pay if you stick with this mortgage for its whole term. But many people are only interested in the two- or three-year deal, having the intention to remortgage again to avoid going onto the standard variable rate. So, while the APRC can provide a useful guide as to how much you\u2019d pay if you were never to change the terms of the deal, the initial rate is probably the one that is still the most important\u00b2.<\/p>\n\n<\/div>\n\t\t<\/div>\n\n<div class=\"wp-block-ub-content-toggle-accordion\" style=\"border-color: #4185f8; border-top-left-radius: 8px; border-top-right-radius: 8px; border-bottom-left-radius: 8px; border-bottom-right-radius: 8px; \" id=\"ub-content-toggle-panel-block-\">\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-title-wrap\" style=\"background-color: #4185f8;\" aria-controls=\"ub-content-toggle-panel-3-200b0542-e31a-4724-b6cc-4f95a9c96ee6\" tabindex=\"0\">\n\t\t\t<p class=\"wp-block-ub-content-toggle-accordion-title ub-content-toggle-title-200b0542-e31a-4724-b6cc-4f95a9c96ee6\" style=\"color: #FFFFFF; \">4. What is the difference between APRC and APR?<\/p>\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-toggle-wrap right\" style=\"color: #FFFFFF;\"><span class=\"wp-block-ub-content-toggle-accordion-state-indicator wp-block-ub-chevron-down\"><\/span><\/div>\n\t\t<\/div>\n\t\t\t<div role=\"region\" aria-expanded=\"false\" class=\"wp-block-ub-content-toggle-accordion-content-wrap ub-hide\" id=\"ub-content-toggle-panel-3-200b0542-e31a-4724-b6cc-4f95a9c96ee6\">\n\n<p class=\"wp-block-paragraph\">The acronym APR stands for \u2018annual percentage rate\u2019 and it\u2019s pretty similar to the APRC. In fact, it\u2019s a single figure that takes into account the interest rate, as well as any fees you\u2019ll need to pay when you first borrow the money. The main difference between APRC and APR is that the former offers you a more comprehensive picture of your plan, as it considers the fact that your interest rate will probably change in the long run\u00b2.<\/p>\n\n<\/div>\n\t\t<\/div>\n\n<div class=\"wp-block-ub-content-toggle-accordion\" style=\"border-color: #4185f8; border-top-left-radius: 8px; border-top-right-radius: 8px; border-bottom-left-radius: 8px; border-bottom-right-radius: 8px; \" id=\"ub-content-toggle-panel-block-\">\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-title-wrap\" style=\"background-color: #4185f8;\" aria-controls=\"ub-content-toggle-panel-4-200b0542-e31a-4724-b6cc-4f95a9c96ee6\" tabindex=\"0\">\n\t\t\t<p class=\"wp-block-ub-content-toggle-accordion-title ub-content-toggle-title-200b0542-e31a-4724-b6cc-4f95a9c96ee6\" style=\"color: #FFFFFF; \">5. How do I get a mortgage with low APRC?<\/p>\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-toggle-wrap right\" style=\"color: #FFFFFF;\"><span class=\"wp-block-ub-content-toggle-accordion-state-indicator wp-block-ub-chevron-down\"><\/span><\/div>\n\t\t<\/div>\n\t\t\t<div role=\"region\" aria-expanded=\"false\" class=\"wp-block-ub-content-toggle-accordion-content-wrap ub-hide\" id=\"ub-content-toggle-panel-4-200b0542-e31a-4724-b6cc-4f95a9c96ee6\">\n\n<p class=\"wp-block-paragraph\">There are many different factors that can determine whether you get a favourable APRC or not. For instance, having a good credit history will boost your chances of benefitting from a low APRC, as it shows that you\u2019re a reliable borrower who keeps up with repayments. The size of your deposit will have an impact too\u00b2.<\/p>\n\n<\/div>\n\t\t<\/div>\n\n<div class=\"wp-block-ub-content-toggle-accordion\" style=\"border-color: #4185f8; border-top-left-radius: 8px; border-top-right-radius: 8px; border-bottom-left-radius: 8px; border-bottom-right-radius: 8px; \" id=\"ub-content-toggle-panel-block-\">\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-title-wrap\" style=\"background-color: #4185f8;\" aria-controls=\"ub-content-toggle-panel-5-200b0542-e31a-4724-b6cc-4f95a9c96ee6\" tabindex=\"0\">\n\t\t\t<p class=\"wp-block-ub-content-toggle-accordion-title ub-content-toggle-title-200b0542-e31a-4724-b6cc-4f95a9c96ee6\" style=\"color: #FFFFFF; \">6. How is APRC calculated?<\/p>\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-toggle-wrap right\" style=\"color: #FFFFFF;\"><span class=\"wp-block-ub-content-toggle-accordion-state-indicator wp-block-ub-chevron-down\"><\/span><\/div>\n\t\t<\/div>\n\t\t\t<div role=\"region\" aria-expanded=\"false\" class=\"wp-block-ub-content-toggle-accordion-content-wrap ub-hide\" id=\"ub-content-toggle-panel-5-200b0542-e31a-4724-b6cc-4f95a9c96ee6\">\n\n<p class=\"wp-block-paragraph\">When you take out a mortgage, you\u2019ll probably be offered an attractive introductory rate. This will only last for a set period, after which you\u2019ll be moved onto the provider\u2019s standard variable rate, which will likely be much higher. The APRC takes both the introductory and long-term interest rate, together with any fees, and calculates a percentage\u00b3.<\/p>\n\n<\/div>\n\t\t<\/div>\n\n<div class=\"wp-block-ub-content-toggle-accordion\" style=\"border-color: #4185f8; border-top-left-radius: 8px; border-top-right-radius: 8px; border-bottom-left-radius: 8px; border-bottom-right-radius: 8px; \" id=\"ub-content-toggle-panel-block-\">\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-title-wrap\" style=\"background-color: #4185f8;\" aria-controls=\"ub-content-toggle-panel-6-200b0542-e31a-4724-b6cc-4f95a9c96ee6\" tabindex=\"0\">\n\t\t\t<p class=\"wp-block-ub-content-toggle-accordion-title ub-content-toggle-title-200b0542-e31a-4724-b6cc-4f95a9c96ee6\" style=\"color: #FFFFFF; \">7. How useful is the APRC for comparing the cost of mortgages and secured loans?<\/p>\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-toggle-wrap right\" style=\"color: #FFFFFF;\"><span class=\"wp-block-ub-content-toggle-accordion-state-indicator wp-block-ub-chevron-down\"><\/span><\/div>\n\t\t<\/div>\n\t\t\t<div role=\"region\" aria-expanded=\"false\" class=\"wp-block-ub-content-toggle-accordion-content-wrap ub-hide\" id=\"ub-content-toggle-panel-6-200b0542-e31a-4724-b6cc-4f95a9c96ee6\">\n\n<p class=\"wp-block-paragraph\">It has its limitations. The APRC is calculated to assume that you keep the same mortgage\/secured loan and provider for the length of the loan and that interest rates don&#8217;t change\u00b3.<\/p>\n\n<\/div>\n\t\t<\/div>\n\n<div class=\"wp-block-ub-content-toggle-accordion\" style=\"border-color: #4185f8; border-top-left-radius: 8px; border-top-right-radius: 8px; border-bottom-left-radius: 8px; border-bottom-right-radius: 8px; \" id=\"ub-content-toggle-panel-block-\">\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-title-wrap\" style=\"background-color: #4185f8;\" aria-controls=\"ub-content-toggle-panel-7-200b0542-e31a-4724-b6cc-4f95a9c96ee6\" tabindex=\"0\">\n\t\t\t<p class=\"wp-block-ub-content-toggle-accordion-title ub-content-toggle-title-200b0542-e31a-4724-b6cc-4f95a9c96ee6\" style=\"color: #FFFFFF; \">8. Who introduced APRC?<\/p>\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-toggle-wrap right\" style=\"color: #FFFFFF;\"><span class=\"wp-block-ub-content-toggle-accordion-state-indicator wp-block-ub-chevron-down\"><\/span><\/div>\n\t\t<\/div>\n\t\t\t<div role=\"region\" aria-expanded=\"false\" class=\"wp-block-ub-content-toggle-accordion-content-wrap ub-hide\" id=\"ub-content-toggle-panel-7-200b0542-e31a-4724-b6cc-4f95a9c96ee6\">\n\n<p class=\"wp-block-paragraph\">APRC was introduced by the Financial Conduct Authority (the UK financial regulator) in 2016 to provide a more realistic view of how much a mortgage will cost over the long term\u2074.<\/p>\n\n<\/div>\n\t\t<\/div>\n<\/div>\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">References:<\/p>\n\n\n\n<ol class=\"wp-block-list\" type=\"1\">\n<li class=\"has-small-font-size\">What is APRC? | Comparethemarket. <a href=\"https:\/\/www.comparethemarket.com\/loans\/content\/aprc\">https:\/\/www.comparethemarket.com\/loans\/content\/aprc<\/a><\/li>\n\n\n\n<li class=\"has-small-font-size\">What is APRC? | MoneySuperMarket. <a href=\"https:\/\/www.moneysupermarket.com\/mortgages\/aprc-explained\">https:\/\/www.moneysupermarket.com\/mortgages\/aprc-explained<\/a><\/li>\n\n\n\n<li class=\"has-small-font-size\">Representative APR explained | Raisin UK. <a href=\"https:\/\/www.raisin.co.uk\/banking\/apr\/representative\">https:\/\/www.raisin.co.uk\/banking\/apr\/representative<\/a><\/li>\n\n\n\n<li class=\"has-small-font-size\">What Does \u2018APR\u2019 Mean On Loans And Credit Cards? &#8211; Forbes. <a href=\"https:\/\/www.forbes.com\/uk\/advisor\/credit-cards\/what-does-apr-mean\">https:\/\/www.forbes.com\/uk\/advisor\/credit-cards\/what-does-apr-mean<\/a><\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"To understand the cost of a mortgage deal, it&#8217;s important to understand the different rates quoted. The Annual Percentage Rate of Charge (APRC) is a rate that must be included in any mortgage quotes\n","protected":false},"author":1,"featured_media":7295,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[475],"tags":[],"class_list":["post-6572","post","type-post","status-publish","format-standard","has-post-thumbnail","category-first-time-buyers"],"acf":[],"featured_image_src":"https:\/\/www.check.co.uk\/blog\/wp-content\/uploads\/2023\/06\/RAJun-00026.jpg","author_info":{"display_name":"Credit Score UK","author_link":"https:\/\/www.check.co.uk\/blog\/author\/coco\/"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What is APRC and how does it apply to a mortgage? | Credit-Score<\/title>\n<meta name=\"description\" content=\"Don&#039;t confuse APRC (Annual Percentage Rate of Charge) with APR. 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