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.

Upcoming Events
07
Apr
20
New Zealand Banking Innovation Summit
Auckland, Auckland, New Zealand
07
Apr
20
New Zealand Banking Innovation Awards
Auckland, Auckland, New Zealand
27
May
20
Australian Banking Innovation Summit 2020
The Rocks, NSW, Australia
See all upcoming events
map4
Subscribe to receive insights delivered straight to your inbox
Latest news, unbiased expert analysis and insights across banking and finance