Dummy questions - applying for a loan

[PogoBaby]

Want to apply for a loan for some relatively minor home improvements but am totally flumoxed by one aspect of the process (I am vaguely intelligent and actually manage the family money but being incredibly dull tonight )

Been online comparing different loans looking at rates, t&c etc. They all seem to say x.x% representative so obviously this isn't necessarily the rate I will get.

How do I establish what rate I will get? The only way seems to be applying but surely that could mean I end up applying for multiple loans until I find an apr around the mark I want. I'm also assuming that applying online won't actually tie me into that loan until I sign the paperwork??

Please help me as it's getting to point I'm tempted to just put it on the mortgage as I know I get what I want with one phone call

What is the rate on your mortgage? You might be better off adding the loan to your mortgage and taking advantage of the lower APR. Saving the difference between what you pay on your mortgage and the amount you have been quoted monthly for the loan and then repaying the remaining amount when the loan would have ended iyswim.

thanks gonzo, I've a pretty good deal on the mortgage - base + 0.84% for the life of the mortgage but wasn't sure if they would match that rate for the extra.

Also put off slightly by the £65 valuation fee and minimum of £299 arrangement fee - think I need to look at the calculations again and work out what is best

Ta

A representative interest rate is explained below.

From Feb 2011, the law said that all lenders have to display their interest rates by representative example. Previously interest rates were displayed as APR (Annual Percentage Rates) which calculated interest rates over a year. As many short terms loans are for less than one year, APR is not the most useful way of calculating interest rates. Therefore Representative Examples were introduced, which are real examples of the cost of a loan over a typical repayment period.

Thanks Cogito being out of the country I have missed that bit of legislation. I did wonder wtf the "representative example" was..lol