Chances of getting advertised rate

Summ14

Hi

Just wondering if anyone knows the chances of getting advertised rate on a joint loan?

Income £42k & £16.5k

Outstanding cc £9k in lower income name payment made on time roughly around £180 per month most on 0% cards.

Fixed rate mortgage for 5 years at £600 per month

Normal household bill outgoings no excessive outgoings

Looking to get a loan for £10k over 5 years.

Thank you for your advice.

jonesMUFCforever

51%...... or so

Summ14

Thank you, if we're not the 51% that get the advertised rate do they tell us the reason why if asked?

DCFC79

Summ14 wrote: »

Thank you, if we're not the 51% that get the advertised rate do they tell us the reason why if asked?

You can ask for sure, I could be wrong but I believe they don't have to tell you.

Pixie5740

The people working in the branches and call centres won't know why you were offered another rate or declined. Lenders don't tell the staff or customers what their lending criteria is so that people don't fudge their application to pass.

andyfromotley

Nope, you won't get told, other than some generic credit history blah blah blah.

Sainsburys have been the subject of a lot of posts on here about people with apparently good histories failing to get the advertised rate.

catwoman73

If you have a good relationship with your bank and they offer decent rates, try them first.

I'm in a similar situation to you but applied for a loan on my own of £10k. I earn £40k and have a small mortgage and 2 credit cards that are both paid off in full every month. I also have a car PCP deal (0%, free servicing, cheaper than paying cash) and £20k saved in a Santander 123 account. I wanted the money because we are about to have an extension built and don't have quite enough saved towards it.

I initially applied to Sainsburys because they offered the best rate of 3.6% and I looked on here and either didn't notice Santander or didn't think of applying there.

However, the rate that Sainsbury's offered was over 9% which made the loan look expensive. I did think that if I don't qualify for Sainsbury's best rate, who does?

So I then applied to Santander and after a couple of days received an email saying that I had been accepted at 3.9%. So once the £10k from Santander is safely in my bank account, I will tell Sainsburys thanks, but no thanks.

Summ14

The fixed rate mortgage is with Santander and the loan were looking at is with them too so might look more favourable knowing also that our mortgage payment is £300 lower with them each month for 5 years which is more than the repayment of the loan per month. We can easily afford it just wasn't sure how much outstanding debt can affe getting the advertised rate.

Thanks guys :-)

sammyjammy

Is this your partner? https://forums.moneysavingexpert.com/discussion/5293815