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Mortgage 2000 calls for apr to be scrapped

Mortgage 2000 is calling on the industry to abolish the use of annual percentage rate as a method of product comparisons.


Director Simon Nixon says the industry would give better service to the consumer by providing true cost comparisons that took into account all costs associated with a mortgage.


He says: &#34It has been plain to see that the annual percentage rate has not achieved the objective for which it was designed. It was introduced in 1986 but all that has followed has been confusion on behalf of consumers and providers.&#34

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