Why are the loan rates so high?

CLAPTON

Sprightlyone wrote: »

Don't lose sight of this securitisation I mentioned. The gov't don't regulate the interest rates the SPV's do...the banks don't own your mortgage or loans the SPV's do -you think they might - they don't.

I'm a bit confused here.
So are you saying that it is in fact the SPVs that insist on low mortgage interest rates?

theartfullodger

Lamorna asked "Why are the loan rates so high? ".

Sorry to be direct but it's "Free Enterprise". Never Free, rarely Enterprising. 'tis dear old capitalism biting us all in the b*u'm again.. and financial institutions thinking they can screw us all for a bit more money (and, largely, finding they can & we fall for it)!.

Apologies, and best wishes in your hunt for money.
Tried zopa ??
http://uk.zopa.com/ZopaWeb/

Current rates offered are for £5k over 3years...
"
Typical APR for a £5000 loan over a term of 36 months
Market (?) A* rated A rated B rated C rated Young (?)
Per month £156.74 £157.45 £159.69 £163.24 £162.23
%APRTypical 8.3% 8.6% 9.7% 11.3% 10.9%

Zopa does not lend to anyone with CCJs or unsatisfied defaults. You'll also need a minimum annual income of £12,000 with demonstrable ability to afford the loan, and no recent missed payments on any of your credit lines.

"


Cheers!

Artful