"Pre-Approved" Loans not adhering to rates?!

Hi all,

I needed to borrow some money so went through the MSE loan eligibility tool and the best option was an Admiral product which was "Pre-Approved" this means that if all checks go ok, the rate, amount and length are all as requested. This rate was 9.8%

However I have just got an email asking to submit my ID and connect my bank for checks for my loan at 12.5%. 

Has anyone experienced this before? I haven't seen any paperwork yet (so not sure on how it affects the payments) as I am awaiting the completion of the ID checks.

Any advice is greatly appreciated.

Thanks.

Comments

  • MorningcoffeeIV
    MorningcoffeeIV Posts: 1,945 Forumite
    1,000 Posts First Anniversary Name Dropper
    The rate is representative, so only 51% of successful applicants need get it.

    Your pre-approval was based on acceptance, not rate.
  • Thats not what the tool says.


  • Hoenir
    Hoenir Posts: 7,061 Forumite
    1,000 Posts First Anniversary Name Dropper
    edited 1 March 2024 at 10:39PM
    You weren't accepted. You were offered an alternative. 
  • Hoenir said:
    You weren't accepted. You were offered an alternative. 
    The bit in the green box is a tad misleading though. 
  • DCFC79
    DCFC79 Posts: 40,625 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Its subject to the checks they carry out, query it with the lender if you like or go elsewhere.
  • Nasqueron
    Nasqueron Posts: 10,568 Forumite
    Tenth Anniversary 10,000 Posts Photogenic Name Dropper
    The bit in green says clearly that it's subject to checks

    That is based on soft search estimation, a hard search gives you the actual answer - if you click on More Info it will explain this

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  • enthusiasticsaver
    enthusiasticsaver Posts: 16,038 Ambassador
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    The More Info will have the small print.  The box on the right does say IF you are accepted indicating it is not a done deal. 
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