Apply for a personal loan from the 11th of January between 7k to 15k and the interest rate starts from 3.3%APR. Existing interest rate is 3.7%APR. Good occasion to clear the outstanding balances from your credit cards from Christmas shopping.3.3% is not guaranteed because it depends on your credit score.M&S bank offers the same interest rate.
Top comments
adi0604
8 Jan 163#3
One of the most notorious bank and would go to any lengths (eg: mexican drug lords) to make money..Avoid
This offer yet to be confirmed and as always advertised rate and won't surprise if they not offer to 51% and still go on advertising.
All comments (43)
DCFC79
8 Jan 16#1
A correction there, its not dependant on your score but your credit history. Your score is figure which only you see so have a score of 999 doesn't mean you will get the best rates. In any case your score will be different with the other 2 reference agencies if they use them.
matwalaboy
8 Jan 16#2
Naive question, so don't beat me to it - but can I use a personal loan to put for a deposit on a home mortgage - or does that have an impact on my mortgage eligibility?
adi0604 to matwalaboy
8 Jan 16#4
When you borrow personal loan it will have impact on your credit file so when it comes to checks for mortgage it may affect depending on our credit file. Also as I said earlier it is advertised rate so you may not be offered this rate (if it exists) and would you want to start on property ladder with two sets of installments. I would suggest you carefully asses as it is a long terms commitment.
LittleishOne to matwalaboy
8 Jan 16#7
When they look at your eligibility, they look at your ability to pay. Essentially your disposable income. If you have £400 a month tied to paying back the deposit loan, that obviously reduces what you can afford to pay towards a mortgage.
nope, for a mortgage you have to prove deposit through build up of savings/income/gift, if the lender sees you borrowed the money they will not give you the mortgage as the loan lender could have a financial interest in the property.
mcormack to matwalaboy
19 Jan 16#35
Of course you can but tell em its for a car
adi0604
8 Jan 163#3
One of the most notorious bank and would go to any lengths (eg: mexican drug lords) to make money..Avoid
This offer yet to be confirmed and as always advertised rate and won't surprise if they not offer to 51% and still go on advertising.
someguy003 to adi0604
8 Jan 161#6
I think you could say that of all banks......the COOP included. But I agree with you. Time for a range of truly "ethical" banks I think.
weltysparrow to adi0604
20 Jan 16#41
Indeed, funny how much vitriol there is in this country around terrorism and yet people will bank with a bank who will take money from known Mexican cartel members who have killed many times the number that died in Paris or London.
Hypocrisy as usual.
sam1970
8 Jan 16#5
M&S bank are doing the same rate..3.3%
un1eash to sam1970
19 Jan 16#13
That's because M&S Bank is a trading name of Marks & Spencer Financial Services plc which is a wholly owned subsidiary of HSBC Bank plc.
matwalaboy
8 Jan 16#8
Thanks - that makes it clear indeed :smiley:
matwalaboy
8 Jan 16#9
Thanks a lot - that makes a lot of sense.
OldCity
19 Jan 162#10
Been like that for ages. A friend who is a Business Manager told me that the rates are not solely depending on the credit score but on the internal indicative limit.
Age is another factor.
75% of people applying are not getting 3.3%.
Hope this helps.
gordo1964
19 Jan 16#12
A personal loan is an unsecured loan and a mortgage is a loan secured on the value of the property. Typically a secured loan has a lower interest rate but with a 0.5% BOE Base rate the rates on both types of loan are getting quite close but as LittleishOne mentioned its all about affordability.
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This offer yet to be confirmed and as always advertised rate and won't surprise if they not offer to 51% and still go on advertising.
All comments (43)
http://www.gocompare.com/mortgages/borrowing-a-deposit/
This offer yet to be confirmed and as always advertised rate and won't surprise if they not offer to 51% and still go on advertising.
Hypocrisy as usual.
Age is another factor.
75% of people applying are not getting 3.3%.
Hope this helps.