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Confusion for those trying to find a mortgage revealed

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Trying to find a mortgage could be baffling, with all the different types of mortgages , mortgage rates and mortgage lenders , according to John Charcol.

The independent financial broker found that 29 per cent of potential mortgage borrowers are unsure about which advertised mortgage rate they should consider when trying to find a mortgage .

A third of mortgage borrowers base their mortgage decisions on the annual percentage rate (APR), which could be misleading, John Charcol believes. Ten per cent of mortgage shoppers look at the headline rate to help them pick a mortgage .

These figures are very worrying, says the mortgage broker's senior technical manager, Ray Boulger.

He says the research suggests that a year after statutory mortgage regulation , many mortgage borrowers remain in danger of mis-buying.

The APR does have merit when comparing mortgage deals that have a lifetime fixed or tracker rate , but for those who manage their mortgage effectively it is largely irrelevant, he points out.

The Financial Services Authority (FSA) has launched a campaign to simplify mortgages for people trying to find a mortgage . Research by the FSA revealed that more than half of mortgage customers do not know what APR means.

Mr Boulger says it is of course an issue if people are unclear about a mortgage they are taking out as it also increases the risk of subsequent complaints.

It is therefore clear that ongoing consumer education is a priority and some of the new FSA initiatives should help, he says.

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