i certainly will prove u wrong, despite what u mite think i'm actually really good with money and if my dream home hadn't came up i defo wouldn't be looking to borrow more money!!! and no it is not a mortgage its the deposit for a private rent cottage, which by the way is £900 not in the thousands which i fear u are thinking. I have looked well into it and i no exactly what the interest is after 9 months......... that is why (if i get it) i shall be paying it off well before the 9 months is up and cutting the thing up coz then it has served its purpose and i'm happy!! i really believe that if u can't afford it then you can't have it, there is no point in putting it on the plastic just to worry when the statment comes through the door!

The way everything is right now i have no interest in buying a house like i said i'm only 21 so don't plan on being tied to a mortgage for the next 20 years!

Thanks for your advice.

If you do get a credit card, the interest after 9 months will be in your outrageous category so you should not use it for anything other than short term borrowing.

If you are looking at getting a mortgage, you should put a plan in place to pay off your loans and save up (rather than borrow) the deposit. Without doing this, you may get offered some sort of mortgage but it wont be a great deal.

Please prove me wrong but my crystal ball says that you will borrow and spend all that you can in the belief that you will find another promotion in 9 months and then you'll grumble because no mainsteam lender will let you put all your debts together at the same time as lending you enough to buy a house.

hi thanks for the reply, i'm actually looking to move house and was trying to lay my hands on the deposit, so thot the bank would be my best bet. Yeah the bank did say they could look into a credit card for me, cause i don't have 1, they were offerin 0% for 9 months on purchases and balance tranfers, so maybe i'll have more luck there.

thanks for your reply :)

Hi

The reason you have been offered a high rate is bacause lenders and banks still do not want to lend money. If they cant look for a reason to decline you then they will accept you but offer you a high rate. If you turn them down due to the rate they really dont mind as they dont want to lend money anyway! They do not want to compete for your business anymore. It is not just you, even people with excellent credit histories are being offered much higher rates at the moment. The headline rates (7 and 8%'s) that are advertised are only offered to a tiny percentage of people that apply. In fact they are only offered to the minimum amount of people required by the advertising regulators to allow them to advertise the rates.

Payment protection through lenders is always hugely expensive. Always get monthly premium protection independently on line, its a third of the price and can cancel it anytime.

Why do you want to top the loan up? If its for a purchase or consolidation why dont you try and get a 0% credit card?

hi all, i'm in total confusion about interest rates.

Ok bit of insight, i'm 21 years all full time steady job etc etc. i took out my first loan 2 years ago to buy a car and am now looking to top it up so i phoned my existing bank only to be told, after workin everything out that the interest rate they are offering me is.................... 23.1% is it just me??? or is that outrageous :O

Plus the deal they are offerin me isn't that great, as from a bit of lookin about i've seen a deal that is right for me, same monthly repayments etc, these places are offering 7-8% interest. I'm also wanting to cancel the payment protection with the loan as it i now realise that the bank is making half the money back from this.

Any help or advice would be great. Thanks :)