UK: Personal loans cheaper than mortgages

Fierce competition in the personal loan space has seen rates fall dramatically in the last five years to the point that, for the first time, loan offers are now available with rates under 3%. Rates at this level are lower than many mortgage offerings, with the average standard variable rate on home loans standing at 4.62%. Sainsbury’s Bank is one of the institutions leading this charge, offering 2.9% to borrow a total amount of £7,500 to £19,999, and 2.8% to customers with a Nectar card borrowing for a term longer than three years.

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