The monthly payment is the number every lender leads with, and it is the number that flatters the longest, most expensive deal. Compare the totals instead.
Stretch the same borrowing over five years instead of three and the monthly figure drops handsomely while the total repayable rises. Nothing about that is dishonest, and it is exactly why so much of this market advertises the monthly number.
Ask one question of every offer: what is the total amount repayable, in pounds, over the full term? Then ask what happens if you clear it early. An early repayment charge can wipe out the saving you thought you were chasing.
Arrangement fees, drawdown fees and broker fees are often quoted separately from the rate and land in the same place: your total. On a short facility a fixed fee can dwarf the interest entirely, which is why two loans at identical rates routinely cost very different amounts.
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