Loans away from headline rate?

lazer-zxr · 24 November 2017 at 8:11AM

Hello forumites.

For all its worth, I've got 999 credit rating on Experian.

My bank is TSB and Halifax, and though both show 2.8% headline loan rates, when I do a personal loan offer, its coming out around 8.9%.

I'd like to secure cheaper finance for a £25k house renovation (I have no heating, kitchen or bathroom), borrowed over 12 or 24 months.

Any ideas:
a) why the offers are so far away from headline rte
b) who I can try that are offering nearer a headline rate?

Thanks for any comments in advance,

BoGoF · 24 November 2017 at 8:21AM

From your "For all its worth" comment seem to realise that your Experian 'score' is best ignored.

With regards the headline rate, only 51% have to get this for the lender to advertise the loan this way, which obviously leaves a lot of people who will not get it. What does your credit file actually show?

At the end of the day it is a large amount you are looking to borrow - did you mean to say pounds instead of euros?

lazer-zxr · 24 November 2017 at 9:21AM

Hi, yes I meant £GBP£ Pounds.

I've looked at my other bank accounts, and Nationwide are coming in at 4.9% over 15 months, that seems more acceptable.

I think there maybe two items on my credit file which could be a problem:

1) I dont have any loans or credit, apparantly this can be seen as negative.

2) I have recently moved house (8 weeks ago), hence my need to refurbish the house.

Thanks for the feedback though.

Loans away from headline rate?

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