Personal loans

sasb1978

Hi,
I was hoping somebody could give some advice.
I needed an personal loan to purchase the freehold of my property and have been approved by my mortgage provider Santander who are offering me the £8,675 at an APR of 3.4%. They have done the usual checks and have now approved, subject to valuation of my current property.
Now, I have found other providers where I feel I can get a better rate.
My only question is that if I start the process of another loan application with another round of credit checks, and not accept the Santander loan, will this have an impact on my file and is it just better off to stick with Santander?

Thanks

foxy-stoat

sasb1978 wrote: »

Now, I have found other providers where I feel I can get a better rate.

If you think that you can get a better rate then by all means apply and see what you get offered....I do not think that you will better the rate of 3.4% if that is what you have actually been offered in writing after the full application has been checked.

The cheapest loan on compare the meerket is 2.8% (which a lot of people don't actually get offered) which isnt that much cheaper in your case.

DCFC79

sasb1978 wrote: »

Hi,
I was hoping somebody could give some advice.
I needed an personal loan to purchase the freehold of my property and have been approved by my mortgage provider Santander who are offering me the £8,675 at an APR of 3.4%. They have done the usual checks and have now approved, subject to valuation of my current property.
Now, I have found other providers where I feel I can get a better rate.
My only question is that if I start the process of another loan application with another round of credit checks, and not accept the Santander loan, will this have an impact on my file and is it just better off to stick with Santander?

Thanks

You have a good offer there. Is the 3.4 the advertised rate for loans from Santander ?

[Deleted User]

svtdv26 wrote: »

I think the 3.4% is a good rate!

I think you just want to promote your nasty, low budget mattress selling homepage!

Brummie85

3.4 is decent. I've just agreed to a loan at 7, which annoyed me. Whatever happened to the scoring recently has knocked me, even though my circumstances are no worse then 3 months back. On Noddle I had only a 40% chance of getting a loan at 3.3 percent, all the others were coming in at 19 or 20. So I took the 7.

I'll live with it for now. Will overpay when I can, try not to use it all and work towards paying back early to save the extra interest. IN a couple of years I will probably look again at moving it to a better deal once the balance is down and I'm in a better place on the credit report/score.

PixelPound

is it a personal loan or secured loan, it's just you saying subject to valuation of your property.

Blackbeard_of_Perranporth

That rate is carp. My bank offers 2.75% and I have been in and out of good books since my cardiac arrest in 2012

PixelPound

I just got offered 3% by my bank, loyalty rate, and did a comparison check on MSE - lowest seems 2.8%. Went for the 3% as quote stated I would get it than attempt one of the lower offerings as they are "typical APR's" so may not get their lowest. In theory it may have saved £20 or so, but I've a 5% savings that once matured will pay off a big lump, so actual difference will be a lot less.

3.4% is decent though hitachi does 3.3% and we don't know if this is the banks typical APR or not. We also don't know the amount borrowed as this can affect the rate offered.if its outside the sweet spot then a higher rate could be offered.