> APR (Annual Percentage Rate) - This is a figure which all lenders must quote when referring to mortgages. It is designed to show the total yearly cost of a mortgage stated as a percentage of the loan. It includes items such as the interest rate payable at the start of the mortgage and after the initial rate period has ended, Mortgage Application Processing Fee, Product Fee, Valuation Fee and Mortgage Fee. It is the overall cost for comparison purposes. This figure is intended to help customers to compare the overall cost of different loans.
I'm not sure what mortgage and title insurance are, perhaps they're more US specific things.
External costs (solicitors, taxes like stamp duty, etc) are not included in the figure.
