Sainsbury's 3.3% Loan - a guide to what rate you might expect to be offered

bearcat16

burlington6 wrote: »

I don't see the issue with loan companies not giving all the customers the low rates.

They don't advertise that all of them will get it and lets face it, most of them who apply will be a bad bet anyway.

I have more of a problem with the public assuming a company, who is there to make a profit, should be forced to lend them money at a certain rate.

I don't think anyone thinks banks should be forced to lend at a particular rate. What causes suspicion is when a headline rate is advertised but seems impossible to get, even by applicants with an excellent credit history.

For example a home owner whose been in the electoral register for 10 years with an up-to-date mortgage and high-limit credit card with no missed or late payments who pays the full card balance in full every month.

It's not a question of forcing the bank to lend at a cheap rate, it's a question of the bank doing what they are advertising they'll do.

burlington6

bearcat16 wrote: »

I don't think anyone thinks banks should be forced to lend at a particular rate. What causes suspicion is when a headline rate is advertised but seems impossible to get, even by applicants with an excellent credit history.

For example a home owner whose been in the electoral register for 10 years with an up-to-date mortgage and high-limit credit card with no missed or late payments who pays the full card balance in full every month.

It's not a question of forcing the bank to lend at a cheap rate, it's a question of the bank doing what they are advertising they'll do.

If they hit the 51% mark and decide to up the rate for everyone who applies after, I see no problem. If you miss out, tough luck

matchboxfull

burlington6 wrote: »

If they hit the 51% mark and decide to up the rate for everyone who applies after, I see no problem. If you miss out, tough luck

You can't 'hit 51%' of an as yet unknown amount of applicants.

andyfromotley

matchboxfull wrote: »

You can't 'hit 51%' of an as yet unknown amount of applicants.

In reality thats almost certainly not true. if you are in the loan business and have made tens if not hundreds of thousands of loans then modelling how many successful applicants you will have for a particular tranche of money would be fairly straightforward, gimme the data a calculator and a pencil and i could probably do it in half a day.