Northern Rock Typical 5.6% APR

mattgod69

Hi, I applied for a £10k loan with Northern Rock. I was quoted a rate of 6.9% even though I have a perfect credit score (as far as I am aware) and am also a customer of theirs. I have a good job with a good salary and actually have the money available, but I wanted to borrow some rather than spend the hard earned savings! I a very suspicious whether there are actually many customers getting the typical 5.6% and I would be amazed if there are two thirds! It would be interesting to know if anyone has been quoted 5.6%....

Catch_A_Fire

As in the other thread:

By law, a minimum of 2 out of every 3 accepted applications will be offered the typical APR. Remember that you may considered yourself to be a good applicant when compared to the general population but lenders choose who to accept and who to reject: even in the "best" 1% of the population there are people near the bottom! If a lender only accepts the "best" 1% of the population a third of those won't necessarily be offered the typical rates.