2.8% APR Loans @ TSB - also available to 'non-customers'
356°Expired

2.8% APR Loans @ TSB - also available to 'non-customers'

26
Found 27th Mar 2017
Lowest loan rate available to rival Sainsbury's - though u need a Nectar card to get their rate and not face to face service if that's what u like.

Available on loans of £7500 - £20000
Term of 1 - 5 years

2.9% otherwise

Other features of TSB loans -

- can delay the first 3 payments
- can have 2 payment holidays throughout the term
- daily interest
- can make additional payments with no charge
Community Updates
26 Comments
If you have a nationwide account they should beat this with their best price guarantee.
Original Poster
eslick

If you have a nationwide account they should beat this with their best … If you have a nationwide account they should beat this with their best price guarantee.



They should offer it in the first place
samspud

They should offer it in the first place



they should but how many companies actually do, even John Lewis never knowingly undersold policy is flawed, but if you are after a good rate and a nationwide customer you would be daft not to use the guarantee.
Just be aware if you are not a tsb customer and get approved you have to wait for paperwork to be sent to you to sign and then return by post back to them so don't apply if you're in a rush. Will take 5 days to get the money. Very strange in today's world but they state it's the only way they can do it.
eslick

If you have a nationwide account they should beat this with their best … If you have a nationwide account they should beat this with their best price guarantee.



why bother just go with TSB
cruisecars

why bother just go with TSB



I think they beat your quoted rate by 0.5%. Which would be unbelievable.
drdre211

Just be aware if you are not a tsb customer and get approved you have to … Just be aware if you are not a tsb customer and get approved you have to wait for paperwork to be sent to you to sign and then return by post back to them so don't apply if you're in a rush. Will take 5 days to get the money. Very strange in today's world but they state it's the only way they can do it.



​not true - i got funds the day after I was approved
Shortcut to becoming rich for free.

1) Get this loan. Go for the five year repayment scheme for maximum benefit.
2) Buy dollars. ASAP. Faster than ASAP.
3) Wait for Brexit to unfold, with all its tragedy, comedy and drama.
4) Sell dollars back into GBP after 5 years.

This is a tried and trusted method, currently being used by all those 'patriots' who encouraged you to vote for Brexit.
themadgoose

Shortcut to becoming rich for free.1) Get this loan. Go for the five year … Shortcut to becoming rich for free.1) Get this loan. Go for the five year repayment scheme for maximum benefit.2) Buy dollars. ASAP. Faster than ASAP.3) Wait for Brexit to unfold, with all its tragedy, comedy and drama.4) Sell dollars back into GBP after 5 years.This is a tried and trusted method, currently being used by all those 'patriots' who encouraged you to vote for Brexit.


Tried and trusted method you say?
Come out of the EU before have we?
so? if I make a loan of 20.000 for 5 years..how much I need to give back??
danflorin3

so? if I make a loan of 20.000 for 5 years..how much I need to give back??



£357.29 per month.

£21,437.18 in total.
I am looking for advice on a possible option i am looking at.

We currently have a 2 part mortgage on our property. 1 part is at £52990 @ 1% and the other is at £21478 @ 3.99%.

On part 2 the remaining term is 7.5yrs and we currently pay £290 per month and overpay by £200 per month.

I have seen this loan and for £20k at 2.81% and there are no fees for overpayments and is £357 per month.

Are there any pitfalls in using the loan to clear the mortgage and then overpaying the loan? ie where we overpaid the mortgage by £200 per month, we would overpay the loan by £145 to match what we were doing with the mortgage.

Make sense or clear as mud?!

My thinking is, interest rates are not going to drop 1%, but they may start to rise, therefore this is like a 5 year fixed with no fees!

With the no charges for overpayments, just by doing what we are doing with the mortgage saves us interest and reduces the term.

That easy or not?! Anyone able to cast some figures?!
Edited by: "ivrytwr3" 27th Mar 2017
ivrytwr3

I am looking for advice on a possible option i am looking at.We currently … I am looking for advice on a possible option i am looking at.We currently have a 2 part mortgage on our property. 1 part is at £52990 @ 1% and the other is at £21478 @ 3.99%.On part 2 the remaining term is 7.5yrs and we currently pay £290 per month and overpay by £200 per month.I have seen this loan and for £20k at 2.81% and there are no fees for overpayments and is £357 per month. Are there any pitfalls in using the loan to clear the mortgage and then overpaying the loan? ie where we overpaid the mortgage by £200 per month, we would overpay the loan by £145 to match what we were doing with the mortgage.Make sense or clear as mud?!My thinking is, interest rates are not going to drop 1%, but they may start to rise, therefore this is like a 5 year fixed with no fees!With the no charges for overpayments, just by doing what we are doing with the mortgage saves us interest and reduces the term.That easy or not?! Anyone able to cast some figures?!


Can you not swap part 2 onto better interest rate with your current lender and reduce the term down to fit with your payment?
That's an idea - i will give them a call tomorrow. However, i am not sure they will drop to 2.81% and also, will a new rate come with restrictions? ie ERC, no overpayments etc...
GAVINLEWISHUKD

£357.29 per month.£21,437.18 in total.


Hi I'm going to be eating my dinner shortly any chance you can spoon feed me too please ?
​By paying £200 a month extra, your 7.5yrs remaining will be paid off in 4 years. Taking the £20k loan and paying £145 extra would have that cleared in 3.5yrs + the £1.5k difference from the loan to outstanding balance. Also you've not said if there's any redemption penalties on your mortgage that you may have to consider.
ivrytwr3

I am looking for advice on a possible option i am looking at.We currently … I am looking for advice on a possible option i am looking at.We currently have a 2 part mortgage on our property. 1 part is at £52990 @ 1% and the other is at £21478 @ 3.99%.On part 2 the remaining term is 7.5yrs and we currently pay £290 per month and overpay by £200 per month.I have seen this loan and for £20k at 2.81% and there are no fees for overpayments and is £357 per month. Are there any pitfalls in using the loan to clear the mortgage and then overpaying the loan? ie where we overpaid the mortgage by £200 per month, we would overpay the loan by £145 to match what we were doing with the mortgage.Make sense or clear as mud?!My thinking is, interest rates are not going to drop 1%, but they may start to rise, therefore this is like a 5 year fixed with no fees!With the no charges for overpayments, just by doing what we are doing with the mortgage saves us interest and reduces the term.That easy or not?! Anyone able to cast some figures?!


No real reason at all really not to do this, unless there is an early repayment charge. However if you feel you may need an additional loan at all it's unlikely you would able to whilst you still have this one. It's possible your lender may put your more expensive loan onto the same rate as your other one, though they probably won't.
But you are right, this is effectively a 5 year fixed and unsecured loan.
eslick

If you have a nationwide account they should beat this with their best … If you have a nationwide account they should beat this with their best price guarantee.



Do you have to apply for the loan with TSB then send the details to Nationwide and apply again? Would applying for two loans not hurt your credit score
MRF2

​By paying £200 a month extra, your 7.5yrs remaining will be paid off in 4 … ​By paying £200 a month extra, your 7.5yrs remaining will be paid off in 4 years. Taking the £20k loan and paying £145 extra would have that cleared in 3.5yrs + the £1.5k difference from the loan to outstanding balance. Also you've not said if there's any redemption penalties on your mortgage that you may have to consider.



As i said, we are already overpaying by £200 per month, therefore the 7.5yrs will come down to 4yrs. But with the loan, your calculation is that the term would drop to 3.5yrs - so 6 months less is good for me.

And no, there are no ERCs on this part of the mortgage.

Thanks.

No real reason at all really not to do this, unless there is an early … No real reason at all really not to do this, unless there is an early repayment charge. However if you feel you may need an additional loan at all it's unlikely you would able to whilst you still have this one. It's possible your lender may put your more expensive loan onto the same rate as your other one, though they probably won't.But you are right, this is effectively a 5 year fixed and unsecured loan.



No ERC and hopefully will not need another loan in next few years. So the general consensus is that this is a good then!

Thanks.


Edited by: "ivrytwr3" 27th Mar 2017
ivrytwr3

No ERC and hopefully will not need another loan in next few years. So … No ERC and hopefully will not need another loan in next few years. So the general consensus is that this is a good then!Thanks.


The only drawback I can see here is I believe They only need to give this rate to something like 51% of applicants. I personally have a credit rating of 998 and have been refused these rock bottom deals only to be offered something slightly higher. Looking into it these lenders dot really want a person to take this loan and basically make the bank pittance. They want slightly lower credit scorers so they can potentially lure them in with other products and loans further down the line, especially if they start defaulting. bear in mind my info here is nothing concrete, just my speculation....
Original Poster
ministrymason

Do you have to apply for the loan with TSB then send the details to … Do you have to apply for the loan with TSB then send the details to Nationwide and apply again? Would applying for two loans not hurt your credit score



Good point
themadgoose

Shortcut to becoming rich for free.1) Get this loan. Go for the five year … Shortcut to becoming rich for free.1) Get this loan. Go for the five year repayment scheme for maximum benefit.2) Buy dollars. ASAP. Faster than ASAP.3) Wait for Brexit to unfold, with all its tragedy, comedy and drama.4) Sell dollars back into GBP after 5 years.This is a tried and trusted method, currently being used by all those 'patriots' who encouraged you to vote for Brexit.


Utter bull! Now trump failed in his 'obamacare' who says the dollar is going up or the pound is going down! Why do you think so called experts always change or update their forecasts! Basically they don't have a clue! Anyone who claims to know is just pie in the sky claptrap
ChooseUsername

The only drawback I can see here is I believe They only need to give this … The only drawback I can see here is I believe They only need to give this rate to something like 51% of applicants. I personally have a credit rating of 998 and have been refused these rock bottom deals only to be offered something slightly higher. Looking into it these lenders dot really want a person to take this loan and basically make the bank pittance. They want slightly lower credit scorers so they can potentially lure them in with other products and loans further down the line, especially if they start defaulting. bear in mind my info here is nothing concrete, just my speculation....



I agree with this. I bank with TSB and applied for this and they offered me a rate of 9.8%. I also have a very high credit rating.
Amazing - get 'free' advice on some of the most important financial advice you'll ever need from a bunch of anonymous people on HUKD! oO
for me the quotation search says 19.9%apr...hmm....i have a 855 score on experian which is 'fair'
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