Tried and trusted method you say?
Come out of the EU before have we?

They should offer it in the first place

If you have a nationwide account they should beat this with their best price guarantee.

they should but how many companies actually do, even John Lewis never knowingly undersold policy is flawed, but if you are after a good rate and a nationwide customer you would be daft not to use the guarantee.

Just be aware if you are not a tsb customer and get approved you have to wait for paperwork to be sent to you to sign and then return by post back to them so don't apply if you're in a rush. Will take 5 days to get the money. Very strange in today's world but they state it's the only way they can do it.

I think they beat your quoted rate by 0.5%. Which would be unbelievable.

Shortcut to becoming rich for free.

1) Get this loan. Go for the five year repayment scheme for maximum benefit.
2) Buy dollars. ASAP. Faster than ASAP.
3) Wait for Brexit to unfold, with all its tragedy, comedy and drama.
4) Sell dollars back into GBP after 5 years.

This is a tried and trusted method, currently being used by all those 'patriots' who encouraged you to vote for Brexit.

so? if I make a loan of 20.000 for 5 years..how much I need to give back??

I am looking for advice on a possible option i am looking at.

We currently have a 2 part mortgage on our property. 1 part is at £52990 @ 1% and the other is at £21478 @ 3.99%.

On part 2 the remaining term is 7.5yrs and we currently pay £290 per month and overpay by £200 per month.

I have seen this loan and for £20k at 2.81% and there are no fees for overpayments and is £357 per month.

Are there any pitfalls in using the loan to clear the mortgage and then overpaying the loan? ie where we overpaid the mortgage by £200 per month, we would overpay the loan by £145 to match what we were doing with the mortgage.

Make sense or clear as mud?!

My thinking is, interest rates are not going to drop 1%, but they may start to rise, therefore this is like a 5 year fixed with no fees!

With the no charges for overpayments, just by doing what we are doing with the mortgage saves us interest and reduces the term.

That easy or not?! Anyone able to cast some figures?!

That's an idea - i will give them a call tomorrow. However, i am not sure they will drop to 2.81% and also, will a new rate come with restrictions? ie ERC, no overpayments etc...

Hi I'm going to be eating my dinner shortly any chance you can spoon feed me too please ?

​By paying £200 a month extra, your 7.5yrs remaining will be paid off in 4 years. Taking the £20k loan and paying £145 extra would have that cleared in 3.5yrs + the £1.5k difference from the loan to outstanding balance. Also you've not said if there's any redemption penalties on your mortgage that you may have to consider.

No ERC and hopefully will not need another loan in next few years. So the general consensus is that this is a good then!

Thanks.

The only drawback I can see here is I believe They only need to give this rate to something like 51% of applicants. I personally have a credit rating of 998 and have been refused these rock bottom deals only to be offered something slightly higher. Looking into it these lenders dot really want a person to take this loan and basically make the bank pittance. They want slightly lower credit scorers so they can potentially lure them in with other products and loans further down the line, especially if they start defaulting. bear in mind my info here is nothing concrete, just my speculation....

Good point

I agree with this. I bank with TSB and applied for this and they offered me a rate of 9.8%. I also have a very high credit rating.

Amazing - get 'free' advice on some of the most important financial advice you'll ever need from a bunch of anonymous people on HUKD! :confused:

Hate it when people delete out a post that has been quoted