Hi all, investigating switching mortgage. I'm having difficulty with the following:
Current Provider
ECB + 1.1%
Interest is calculated daily and applied monthly
Potential Provider
3.2% for first 24 months, ECB + 1% thereafter
Interest is calculated daily and applied annually
I cannot find a way to calculate the impact of applying interest monthly over applying interest annually. As a rule of thumb is the annual one much worse?
Thanks a lot.
Current Provider
ECB + 1.1%
Interest is calculated daily and applied monthly
Potential Provider
3.2% for first 24 months, ECB + 1% thereafter
Interest is calculated daily and applied annually
I cannot find a way to calculate the impact of applying interest monthly over applying interest annually. As a rule of thumb is the annual one much worse?
Thanks a lot.