Unbelievable money market.

[Top Cat]

What is the world coming to.

New car appearing soon so i am borrowing a smallish amount to finish off the deal and have a little pot for the mods i want. So i found the cheapest borrowing rates. Went for the M&S loan at 6.7APR.
Got the thumbs up almost straight away. Opened the deatils they sent out ready to sign and send back and noticed there offer was different and they offered me 10.5% APR 
Rang them up and the put me through to the credit section. She said i am looking at your credit rating and i can see a problem and this is why you got offered the rate you did.
So i asked what was up and she said it's your mortgage.  she said everything else is fine, which it should be as there is nothing else borrowed and outstanding. so i said what is up with my mortgage and she said because it was only taken out last year.  I told her that i change every 2 years as find this best way to get deals on interest only. She said i can see that sir but that is the reason.

WTF    Another bunch of rip of merchants like insurance companies.  So the bank of England rate is 0.5 and i have a perfect credit rating and they offer me 10%. 

[tony_danza]

"Over a barrel" lending.

It may be worth looking at what the dealer can offer? You might not want to go that way, but at a couple of % with bartering - it's usually the cheapest route.  

Banks are desperate to f*** you over. Car dealers are desperate for you to buy.

[vRStu]

Unsecured borrowing is very expensive at the moment.

You could try someone like Sainsbury's who are much less fussy but that is also a viscous circle as the more applications and searches there are the more they fear you are a risk.

[rich83]

Having outstanding finance/loans/ credit cars doesnt give you a bad credit rating. Im surprised about the fact that they deem having a mortgage as a negative.  

[Top Cat]

Unsecured borrowing is very expensive at the moment.

You could try someone like Sainsbury's who are much less fussy but that is also a viscous circle as the more applications and searches there are the more they fear you are a risk.

I have applied for post office at 7.4 it says on the which site that if they accept you that is the rate you get no matter what.  I guess this means they will say no. 

[Top Cat]

Having outstanding finance/loans/ credit cars doesnt give you a bad credit rating. Im surprised about the fact that they deem having a mortgage as a negative.  

She was embarrassed talking to me as she admitted my history rating was fine, it was quite obvious they do it to everyone, the 6.7 is the bait. 

[rich83]

Bait with a very flimsy line! 

[stealthwolf]

Good on you for checking. So many people don't and accept what they're given.

[sam]

Dont get me started with this!!!! Banks are even worse!

My loan for the GTi will be going against my Business account as they wont lend me a penny despite a good credit rating and cash in the bank!! Bloody nightmare!!!

[neg]

I almost took a bit of finance on the new Leon I recently bought, then checked the bank (HSBC) as I like the way I can see the loan online with my other balances - 7.something they offered which I thought was ok - went through the applicastion online by completing about 3 boxes - then accepted it thinking I would then get the paperwork - oh no, box appeared to accept - about 10mins from start to finish and the money was in my bank - could beleive how easy it was !

So on the flip side I found it too bloody easy.  So glad I didnt take any finance

[sam]

^^ Hrmmm Barclays isn't like that for me I can tell you.  So frustrating especially when you have the money to finance the small loan you are asking for!!

[DaveB@Vagbremtechnic]

Plus one for Barclays being crap, just tried to borrow from Barclays and despite being preapproved for maximum overdraft and having impeccable account manners I couldn't get the headline rate of 8.7APR which TBH I would have been happy with (Been with bank 22 Years - easy)

If I couldnt get the rate I believe nobody can, I asked barclays why I couldn't hget it and pursued it over three weeks through their complaints department, they still havent told me why I couldnt get the rate. Anyway got approved with Sainsburys and Barclays as part of a telesales campaign caught me in and promised to pricematch and better the sainsburys rate by £1 automatically.

Barclays are a bunch of f**kin tossers and I've pledged as soon as possible I'll be sacking them after 20 odd years and ditching every policy, account fee, life cover, home insurance, critical illness policy I have with them.

No loyalty to a 22 year customer, remember when I first got my first mortgage with them I had an interview with the branch lending officer, nowadays its "computer says no" at its absolute worst

I'll ditch every product they have ever sold me and they'll never know why which makes me really happy....

Ive heard First Direct are pretty good anybody got any experience.....

[neg]

My Parents have used First Direct for years and they have been really happy with them.

They usually offer you some cash if you sign up too - or they used too.

[simonp]

I looked at taking out a loan with my bank last year and got offered 11.9% APR. I laughed and asked why it was so high. I was bluntly told that they were making less money on mortgages and needed to recoup the difference!

[Beddie]

Hmmm... i need to do some borrowing myself soon and sounds like it will be a barrel of laughs...