APRC is the commonly used acronym for the Annual Percentage Rate of Charge for credit. This is an annual interest rate which takes account of fees and charges to reflect the total cost of your mortgage. Your Mortgage Illustration will detail the fees which are included in this calculation. An APRC is calculated using a standard method of working out the true interest rate.
All lenders are legally obliged to show the APRC alongside quoted interest rates for each mortgage term. This enables you, the potential borrower, to accurately compare mortgages from different lenders to work out exactly how much you will repay on your loan each month.