Co-operative Bank - collar or floor?

LCK73

Does anyone know if the Co-op bank operate a collar or floor on their tracker mortgage products?

Can't see it in the small print but there are about 10 pages of said small print so I might be missing it?

Anyone know for sure?

Thanks

fiddling_flower_petals

I asked one of their customer service advisor(who generally give acurate information or seek further advise, if unsure), who said the was no collar with my tracker.:D But I thought I'd seen a collar of 2.5% somewhere, but it may have been previous product as I've only just changed products earlier this year.

LCK73

Oh lovely, I thought I had seen something about 2.5% too. I also asked the customer service dept and they said they couldn't see one either but they weren't too sure.

Thats another £100 saving next month then but not sure I'll rush out and buy a new car or another house just yet eh!!:j

fiddling_flower_petals

LCK73 wrote: »

Oh lovely, I thought I had seen something about 2.5% too. I also asked the customer service dept and they said they couldn't see one either but they weren't too sure.

Thats another £100 saving next month then but not sure I'll rush out and buy a new car or another house just yet eh!!:j

Any savings are going straight into overpayment fund, using the mortgage flexible features. :j

I know that this cut in interest is intended to fund us buying our way out of the ressesion:rolleyes: , but I'm pumping mine into becoming mortgage free a liitle earlier , besides I hate shoppping.

alleycat`

Overpayment is exactly the same path i am going down.
Pretty much anyone i know with a tracker is doing the same.
It does make me wonder how this is supposed to get people out and spending more though?

LCK73

I joke about the new car scenario but mine is getting elderly and we have been considering this for some time and with new car sales dropping 37% then now might be a good time to strike a good deal with the dealers....hmmmnnnn what to do.

Lisa

fiddling_flower_petals

alleycat` wrote: »

Overpayment is exactly the same path i am going down.
Pretty much anyone i know with a tracker is doing the same.
It does make me wonder how this is supposed to get people out and spending more though?

There will always be people out there who spend today and forget about tommorrow. Those who need the latest fashions, more shoes/bags/ etc, the newest gadgets and a bigger TV.

fiddling_flower_petals

LCK73 wrote: »

I joke about the new car scenario but mine is getting elderly and we have been considering this for some time and with new car sales dropping 37% then now might be a good time to strike a good deal with the dealers....hmmmnnnn what to do.

Lisa

Joking aside, now would be a great time to buy new car.
As I expect early next year some car dealerships will be practical begging for sales.

gravs_2

I am on a Coop tracker-great.Does it definitely make sense to overpay whilst I can rather than put it into savings,I am having trouble working it out.It feels right to overpay.

planetf1

I'm on a co-op 2 yr from Oct 2007 at BOE+.04, then BOE+.49% to term.

Just checked mortgage docs - offer, key facts, and can't see any mention of a floor :-)

LCK73

gravs wrote: »

I am on a Coop tracker-great.Does it definitely make sense to overpay whilst I can rather than put it into savings,I am having trouble working it out.It feels right to overpay.

Some clever types on here could demonstrate using maths but I'm pretty sure it makes sense to overpay as this way you pay it off quicker and ultimately pay less interest. However, it is useful to have some savings set aside for rainy days....This co-op mortgage has an overpayment facility but you can then draw any overpayment back down again should you need access to that money - very useful. Not all mortgages have this facility though.