Cheap loan 5.7%, no early settlement penalty

Uncle_Cuddles

Northern Rock are doing a cheap loan at only 5.7% if you go via a link on the moneysupermarket website - if you go direct via the Northern Rock website it is 6.5%. The link if you can't find it is http://www.northernrock.co.uk/loans/quote/quickQuoteIM.asp?Ref=668-2003

The quote includes PPI, but when I applied a week ago the online application form gave me the option of not taking PPI (I didn't take the PPI) and it came through okay. As an aside, the rate was 5.8% when I applied, and it was 5.9% the week before, so perhaps this is indicative of the way the rate is going?

The 5.7% is for loans between £5K and £25K up to 10 years.

And the big plus is that there are no redemption penalties for early settlement with Northern Rock. Not sure about how they calculate the interest on settlement though, the agreement just says that "if the loan is repaid early...you may be entitled to a rebate of charges under the Consumer Credit Act 1974"

Alt

Have you actually been accepted for the loan at that rate without PPI? Do you have confirmation?

Uncle_Cuddles

Hi Alt. Yes I have had my loan confirmed without PPI but it was at 5.8% but I applied for via the same link. There was an option to deselect the PPI. You could always start the application and if the option is not there then you don't complete the final step.