I know the rules state that at least 51% of people have to be offered the advertised rate for a lender to quote it as their 'rate'. I would have hoped that I would be in the 51% when I applied to Sainsburys but was surprised to be offered 9.2%.

I didn't want to pay that so took a risk and applied to Santander, my own bank, where I have been accepted at 3.9% .

Looking on here, I see that lots of people have also been given a higher rate so I am now wondering exactly what type of borrower qualifies for Sainsbury's best rate?

On another thread, someone else gave a list of what might affect the rate and I've put my circumstances, which I would think demonstrates that I'm a good risk, but apparently not?

Affordability - good - at least ?1k disposable income per month after bills. I have over ?30k in savings and wanted to borrow an extra ?10k to pay for a big extension

Income ?40k, been in same job for over 20 years.

Electoral roll - yes

Address mobility - lived at this address for nearly 10 years

Credit history - 100% paid on time. I suppose one downside is that all my savings are in 4 high interest current accounts, opened about a year ago. I also have a Halifax Clarity card so take cash out on this overseas only (paid off in full straight away to minimise interest)

Available credit - 2 credit cards with total ?4.5k limit - average spend ?1k per month. Paid off in full every month

Debt to credit ratio - see above

Credit to income ratio - I also have a car on finance and the loan, plus the car finance plus the credit limit on my cards is probably about 50% of my income - this is the only negative point I can think of?

Financial associates - yes - I but applied for a loan in my own name. My partner also has a perfect credit history and only has the mortgage, current account (no overdraft) and a mobile phone in his name. Doesn't have his own credit card. Maybe this could be a negative point, but that really is stretching it.

Specific lender criteria - who knows?

I personally think that Sainsbury's have been harsh in offering a rate that is so much above their typical rate, but their loss, I will be borrowing from Santander instead and saving hundreds of pounds over the term of the loan.