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UK lenders warned over mortgage cost calculations

( June 1, 2023, 14:58 GMT | Official Statement) -- MLex Summary: The UK’s Financial Conduct Authority has told mortgage providers to act quickly to address any deficiencies in their calculation of the annual percentage rate of charge, or APRC, which shows as a percentage of the annual cost of a mortgage overs its lifetime. Systems issues led to some firms incorrectly calculating the APRC in mid-2022, at the time when interest-rate expectations rose sharply. “It is important that any non-compliance is rectified. Borrowers who feel they've made their decision based on an incorrect APRC should speak to their lender,” the authority said. Firms might be asked to confirm their compliance in writing, the FCA added.Statement below. ...

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