aju
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Post by aju on Jan 14, 2020 0:52:25 GMT
Just got 4.8% in access I sat at 4.9 for a while but there was nothing then all of a sudden 3000 came in so I dropped it to 4.8% thinking it would not take but lo and behold it was snapped it up within 5 mins. One day I'll understand the queues . I still think the access invest screen does not work correctly it seems to post the rate above the one I am sitting at. Also its just thrown a £1500 borrower onto the 4.8% so it is creeping up still. It took my measly £65 sadly I won't get more than that until the weekend when I reckon it will be back down again. The borrowers details are curiously not a property loan as far as I can tell. So I got 4.9% the borrower pay 11.7% and overall their costs were 11.7% Borrower APR The overall annualised cost to the borrower, including fees 19.9% Borrower fees Including payments to the Provision Fund, RateSetter, partners and brokers Fees p.a. 16.8% All seems a bit steep to me but then I haven't borrowed anything for over 10 years or so.
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Post by Deleted on Jan 14, 2020 9:02:46 GMT
Just got 4.8% in access I sat at 4.9 for a while but there was nothing then all of a sudden 3000 came in so I dropped it to 4.8% thinking it would not take but lo and behold it was snapped it up within 5 mins. One day I'll understand the queues . I still think the access invest screen does not work correctly it seems to post the rate above the one I am sitting at. Also its just thrown a £1500 borrower onto the 4.8% so it is creeping up still. It took my measly £65 sadly I won't get more than that until the weekend when I reckon it will be back down again. The borrowers details are curiously not a property loan as far as I can tell. So I got 4.9% the borrower pay 11.7% and overall their costs were 11.7% Borrower APR The overall annualised cost to the borrower, including fees 19.9% Borrower fees Including payments to the Provision Fund, RateSetter, partners and brokers Fees p.a. 16.8% All seems a bit steep to me but then I haven't borrowed anything for over 10 years or so. Do you mean the 1 year market - 4.8 seems very high for Access at the moment?
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aju
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Post by aju on Jan 14, 2020 9:49:15 GMT
Just got 4.8% in access I sat at 4.9 for a while but there was nothing then all of a sudden 3000 came in so I dropped it to 4.8% thinking it would not take but lo and behold it was snapped it up within 5 mins. One day I'll understand the queues . I still think the access invest screen does not work correctly it seems to post the rate above the one I am sitting at. Also its just thrown a £1500 borrower onto the 4.8% so it is creeping up still. It took my measly £65 sadly I won't get more than that until the weekend when I reckon it will be back down again. The borrowers details are curiously not a property loan as far as I can tell. So I got 4.9% the borrower pay 11.7% and overall their costs were 11.7% Borrower APR The overall annualised cost to the borrower, including fees 19.9% Borrower fees Including payments to the Provision Fund, RateSetter, partners and brokers Fees p.a. 16.8% All seems a bit steep to me but then I haven't borrowed anything for over 10 years or so. Do you mean the 1 year market - 4.8 seems very high for Access at the moment? No its definitely access, you are right about my comment on the loan type though i was confusing the 1y property loans. My excuse is i have been lending in the 1y since i decided the 5y was not for us any more So appologies For that error. I also got the 4.8 wrong it actually went out at 4.9.
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star dust
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Post by star dust on Jan 14, 2020 10:31:15 GMT
Just got 4.8% in access I sat at 4.9 for a while but there was nothing then all of a sudden 3000 came in so I dropped it to 4.8% thinking it would not take but lo and behold it was snapped it up within 5 mins. One day I'll understand the queues . I still think the access invest screen does not work correctly it seems to post the rate above the one I am sitting at. Also its just thrown a £1500 borrower onto the 4.8% so it is creeping up still. It took my measly £65 sadly I won't get more than that until the weekend when I reckon it will be back down again. I managed to get a fairly large chunk away at 5.9% in Max in the early hours. I'd easteregged it up to 6% on reading here late evening and got a series of matching emails just after midnight (there had been £300k of borrowers orders at 4.6% iirc); while there were less borrower orders waiting there was still enough to get some hastily deposited funds out at 5.9%.
It's the first time I've done any serious lending in the new access markets, and agree, it's a bizarre process. You set an order at 5.9% and it tells you that you're at the front of the Q, ten minutes later it reckons you're 100k+ adrift and suggests you set it to 5.9% to get ahead (?? ??) you reset it at 5.8% and it appears to show up at 5.9% and is definitely matched at that. I took a deep breath and reset some to "going rate" when it appeared to be lending out at 5.9% and luckily that was what I got. However, I did end up having to reset/edit virtually all the orders, as you said it seems to misinform you of an empty Q and display the rate you have set as the rate above i.e. the 5.9% Q was being displayed as a 6% one.
As usual with RS I find you have to grab it when you see it, today there seem to be precious few borrower orders and rates are all back to the standard. I'll return to withdrawal mode now until the next time
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benaj
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Post by benaj on Jan 14, 2020 10:38:59 GMT
I had a bite @4.9% access last night.
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aju
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Post by aju on Jan 14, 2020 11:07:33 GMT
So just noticed that 400k plus came onto borrower offers @ 3.0% does that eventually translate into sucking up 400k from the lender offers. If that's the case then 5.0% might be on the cards.
I suspect the daily run has not yet materialised but who knows.
I have a couple of punts at 5.0% from overnight funds coming back in so I lumped it all on the access. That said as I have been watching it with my reloader screen for the last half hour or so nothing much seems to be changing on the lend side.
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aju
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Post by aju on Jan 14, 2020 11:11:44 GMT
Just got 4.8% in access I sat at 4.9 for a while but there was nothing then all of a sudden 3000 came in so I dropped it to 4.8% thinking it would not take but lo and behold it was snapped it up within 5 mins. One day I'll understand the queues . I still think the access invest screen does not work correctly it seems to post the rate above the one I am sitting at. Also its just thrown a £1500 borrower onto the 4.8% so it is creeping up still. It took my measly £65 sadly I won't get more than that until the weekend when I reckon it will be back down again. I managed to get a fairly large chunk away at 5.9% in Max in the early hours. I'd easteregged it up to 6% on reading here late evening and got a series of matching emails just after midnight (there had been £300k of borrowers orders at 4.6% iirc); while there were less borrower orders waiting there was still enough to get some hastily deposited funds out at 5.9%.
It's the first time I've done any serious lending in the new access markets, and agree, it's a bizarre process. You set an order at 5.9% and it tells you that you're at the front of the Q, ten minutes later it reckons you're 100k+ adrift and suggests you set it to 5.9% to get ahead (?? ??) you reset it at 5.8% and it appears to show up at 5.9% and is definitely matched at that. I took a deep breath and reset some to "going rate" when it appeared to be lending out at 5.9% and luckily that was what I got. However, I did end up having to reset/edit virtually all the orders, as you said it seems to misinform you of an empty Q and display the rate you have set as the rate above i.e. the 5.9% Q was being displayed as a 6% one.
As usual with RS I find you have to grab it when you see it, today there seem to be precious few borrower orders and rates are all back to the standard. I'll return to withdrawal mode now until the next time I reported this effect to RS a month or so back but they could not understand and asked for screens, lazy sods, but once you know what is happening I just adjust a little. Each time I go back to see where its at I just have to remember to reload the invest screen before clicking on the edit order screen. I can't be bothered with RS anymore and getting them to notice their errors i don't think they are interested in the flaws. It only seems to affect the Access screens, the 1Y and 5Y seem ok. not bothered with the other new ones.
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coogaruk
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Post by coogaruk on Jan 16, 2020 16:30:10 GMT
I had a bite @4.9% access last night. Access: 5.1% for me yesterday (15th) and I note at least one punter posting 5.2% in another thread.
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mickj
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Post by mickj on Jan 17, 2020 0:04:38 GMT
Access @ 3.9% just now.
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robski
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Post by robski on Jan 17, 2020 10:04:19 GMT
Some chance of a good run for the weekend i didn't withdraw this week, got some matched at 6.1% (max) and got some more listed
whet gets me, its clear how little attention some people must play to the markets, and maybe the platform in general. all that mney sitting on 5 year at a rate that would be matched within the day on plus, let alone max.
I think the manipulation is going to cost ratesetter now, they have clearly lost some liquidity as lending down but also available funds down. My requirement didnt change for what i wanted, and hence I think they over played their hand on how much money would just chase the rate, and how much would be withdrawn or would hold out for a better rate.
Maybe they need to start discussing with investors and find out why we see 4% for potentially 5 years as unacceptable.
Edit, I sm starting to think that max is actually the market rate setter, and that plus and access are tied to max, rather than what I believe RS assume, that plus and max are tied to access.
Since they lowered the differential between the three, the rates have gone up. If max is setting the benchmark, the lower the rate differentials the more they will end up paying for the other two.
They have messed up, thats clear, in effect linking the 5 year replacement (max) to the access. The markets previously had no correlation, as we saw at times the rates were a long way apart, now they are linked and they have misjudged active lenders reactions.
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sussexlender
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Post by sussexlender on Jan 18, 2020 19:54:18 GMT
There is a chunk of 5.0 % going on the access account at the moment.
Grab it quick.
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mickj
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Post by mickj on Jan 19, 2020 18:41:43 GMT
4.7/4.8 in access small amounts, could go to 4.9 later
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laoko
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Post by laoko on Jan 19, 2020 19:29:51 GMT
5.0/5.5/6.0 has been achievable across the 3 new products this weekend and likely higher as well being nibbled at.
Market Data doesn't seem to reflect this well and investments appear to match long before it's reflected in your account at least by a few hours which is quite disconcerting whatever's going on behind the scenes. I say that because I dropped the rate as a test and it matched much much later at the original rate?
Didn't once conclusively see my newly invested (unmatched) money evident in the queue no matter how much I adjusted the rate.
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puddleduck
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Post by puddleduck on Jan 19, 2020 21:16:57 GMT
5.0/5.5/6.0 has been achievable across the 3 new products this weekend and likely higher as well being nibbled at.
Market Data doesn't seem to reflect this well and investments appear to match long before it's reflected in your account at least by a few hours which is quite disconcerting whatever's going on behind the scenes. I say that because I dropped the rate as a test and it matched much much later at the original rate?
Didn't once conclusively see my newly invested (unmatched) money evident in the queue no matter how much I adjusted the rate.
I've had money on Access at 5% all day with no matches. It looked to me that 5% was do-able today but no luck so far.
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Post by Deleted on Jan 19, 2020 21:58:32 GMT
5.0/5.5/6.0 has been achievable across the 3 new products this weekend and likely higher as well being nibbled at.
Market Data doesn't seem to reflect this well and investments appear to match long before it's reflected in your account at least by a few hours which is quite disconcerting whatever's going on behind the scenes. I say that because I dropped the rate as a test and it matched much much later at the original rate?
Didn't once conclusively see my newly invested (unmatched) money evident in the queue no matter how much I adjusted the rate.
I've had money on Access at 5% all day with no matches. It looked to me that 5% was do-able today but no luck so far. Don't you need to offer at 4.9% to get a loan at 5%? I know that sounds stupid, but it's how my recent offers have worked out and I'm sure I've seen it mentioned elsewhere. Can anyone confirm? Put another way, I think your offer at 5% needed loans to go through at 5.1% to be matched. Just another RS coding triumph.
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