In theory

matttye

supermassive wrote: »

Oh haha Well desperate times etc.

If you wanna risk going to prison, try it.

Nebulous2

amnblog wrote: »

The lender only needs to provide the 3.6% rate to one borrower, then they can promote it.

No they don't. They need to provide it to 51% of the people who apply. There really are widespread loans out there that low.

kingstreet

Thanks. I don't get involved in unsecured loans and haven't needed one in donkey's years, so forgive my incredulity.

However, it seems we are still talking about the lowest possible loan rate just about beating the highest but most competetive current mortgage rate for a 95% mortgage?

Landofwood

amnblog wrote: »

The lender only needs to provide the 3.6% rate to one borrower, then they can promote it.

Did you just make that up? Why?

Nebulous2

kingstreet wrote: »

Thanks. I don't get involved in unsecured loans and haven't needed one in donkey's years, so forgive my incredulity.

However, it seems we are still talking about the lowest possible loan rate just about beating the highest but most competetive current mortgage rate for a 95% mortgage?

There is a big difference in interest paid though, because of the much bigger amounts on a mortgage. 10k on a personal loan at 3.6 % could well be extremely worthwhile if it saved 0.75% on a 200k mortgage.

Not that I would encourage the OP to tell lies - but the stakes are higher than most people in this thread seem to believe.

Thrugelmir

Nebulous2 wrote: »

Not that I would encourage the OP to tell lies - but the stakes are higher than most people in this thread seem to believe.

The stakes are indeed far higher. As trust is a key ingredient of any financial relationship.

kingstreet

Nebulous2 wrote: »

There is a big difference in interest paid though, because of the much bigger amounts on a mortgage. 10k on a personal loan at 3.6 % could well be extremely worthwhile if it saved 0.75% on a 200k mortgage.

Not that I would encourage the OP to tell lies - but the stakes are higher than most people in this thread seem to believe.

True.

However, the much shorter-term nature of a personal loan means the interest is a much smaller percentage of the monthly payment which is going to be payable in addition to the mortgage.

It's not a good idea for a lot of reasons.