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.
mihailaionut
19 Jan 16#14
gave me 8.9% so I said no thank you very much!
toonarmani to mihailaionut
19 Jan 16#16
Must be based on your financial circumstances. My wife applied Saturday and got the 3.3%, I popped in local branch yesterday for the paperwork (rather than wait up to 5 days to receive it), signed and returned into branch today and the money is now sitting in the account.
Great turnaround from HSBC :smiley:
reckoning
19 Jan 16#15
I wonder if it would be beneficial to pay off an older loan with this.
fweddy to reckoning
19 Jan 16#17
In my mind that would be the equivalent of digging yourself a bigger ditch. The new one will come with fees that are added to the loan amount. Yes you'll get a better rate but at what cost.
fivegoldstars
19 Jan 16#18
IIRC Nationwide promise to beat any quote by .5% if you hold a current account with them.
KevClark1985 to fivegoldstars
19 Jan 16#21
Yep that is correct, worth considering if you bank with them
adomski
19 Jan 16#19
Max 60 months vs Marks and Sparks 84 month loan max..
reckoning
19 Jan 161#20
That's what I was wondering. Say I had a 7k loan now at 6%, would it be worth the 'transfer'. I didn't think loans had that many hidden fees, then again I've only ever had 1 loan.
mogsy02
19 Jan 16#22
Great deal if you can get it. Hot from me will look into further.
Bizness
19 Jan 16#23
You'll never get this loan rate with them. It's just a draw.
Kilbers to Bizness
19 Jan 16#27
Can confirm this works as I just got this rate =)
Hot from me..
b33r
19 Jan 16#24
Why wouldn't you just BT any credit card debt you are paying interest on? Think u can 23 months with no fee, or 39 months with a fee that'll work out much less than the interest in this...
cheaperbythe12
19 Jan 161#25
If you have relatively good credit score, you should perhaps look at a balance transfer credit card. Say you get an £8k limit, you could easily find a card to pay it off at 0% for x number of months and it'll only cost the transfer fee: http://www.moneysavingexpert.com/credit-cards/balance-transfer-credit-cards
Even if you get one for 24 months and pay off £100 / month, once that rate ends simply apply for another balance transfer offer with different bank and do the same thing. It's a bit of work (realistically only takes a few mins), but it's much cheaper than a loan mate. Hope it helps.
dnc316
19 Jan 16#26
If you're a HSBC Advance or Premier customer, you also get 10% cashback on interest payments on personal loans.
Bizness
19 Jan 16#28
Ha ha
Bluesky12
19 Jan 16#29
Last year they had 3.4% offer and i needed a loan for house improvement. It took me 10 minutes to fill the online form and another 10 minutes before the funds got transferred upon approval( i am HSBC customer ). To me it was good deal.
phoenix_af
19 Jan 162#30
Very good idea on the 0% balance transfer. Refinance loans are very useful and often people do it, so yes it would be a good idea to repay an existing loan with this loan if it were a lower rate, you'd save yourself a fortune if the late were substantially lower on this loan and the cost of repayment is usually tiny. It's not digging yourself a bigger ditch unless you double your lending and can't afford to pay for example.
stphnstevey
19 Jan 16#31
Nice thanks
flamethrower
19 Jan 16#32
I've had the loan when the offer was at 3.7% can I ask them for the difference ?
b33r to flamethrower
19 Jan 16#33
You can always ask, whether they give you it or not would be entirely their discretion, I doubt it.
toonarmani to flamethrower
19 Jan 16#36
Doubtful as that's the terms you signed up for (you wouldn't expect them to ask you for more if the rate had gone up :wink: ).
You could pay off the existing loan and sign up for another one at 3.3%, although that'll go against your credit rating.
phoenix_af to flamethrower
19 Jan 16#38
Definitely not
nasir_glasgow
19 Jan 16#37
is there such a bank?
phoenix_af
19 Jan 161#39
Bank of mum and dad? :smiley:
someguy003
19 Jan 16#40
No- that's why I suggested it. Islamic Bank of Britain are very oppressive to muslims who want a mortgage and their profit rates are some of the poorest. They are in this game for themselves. "Fair banking" just does not exist.
marathonic
21 Jan 16#42
I don't trust ANY bank so I may as well go with the one offering the best deal.
Let's take a hypothetical choice between:
A more expensive loan with one of the 'so-called' socially responsible bank that costs an additional £200 in interest over the term; or
A cheap loan with HSBC and a £200 donation to charity
In the above scenario, I have no doubt in my mind that the second option is the one that's more socially responsible.
suni
8 Feb 161#43
applied £15 k, and instantly got the money in my account with 3.3% interest!! Thanks
![Fresh Breakfast Meat Box (Using code) @ Campbells Meat [Haggis / Lorne Sausage / Bacon / Black Pudding & More]](/images/topics/208684_1.jpg)
![[Xbox One] Q. u. b. e: Director's Cut on Deals with Gold](/images/topics/208716_1.jpg)
Opening post
Top comments
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.
Great turnaround from HSBC :smiley:
Hot from me..
http://www.moneysavingexpert.com/credit-cards/balance-transfer-credit-cards
Even if you get one for 24 months and pay off £100 / month, once that rate ends simply apply for another balance transfer offer with different bank and do the same thing. It's a bit of work (realistically only takes a few mins), but it's much cheaper than a loan mate. Hope it helps.
You could pay off the existing loan and sign up for another one at 3.3%, although that'll go against your credit rating.
Let's take a hypothetical choice between:
A more expensive loan with one of the 'so-called' socially responsible bank that costs an additional £200 in interest over the term; or
A cheap loan with HSBC and a £200 donation to charity
In the above scenario, I have no doubt in my mind that the second option is the one that's more socially responsible.