Which co-op mortgage to choose - fixed or capped tracker

Welshlassie

Co-op are cr*p at processing applications presently and their valuations are (in my opinion) below market value (i've just had them value our house at £20,000 less than our valuation (which wasn't excessive at all) meaning we couldn't get their 75% +1.89% deal without reducing the mortgage amount further). I'm not trying to put you off, just giving you a warning.

Our mortgage advisor with them has said whenever they have a rush of applicants their processing is carp and really slow. You need to be on the phone to them constantly to hurry them up.

lindos90

Welshlassie wrote: »

You need to be on the phone to them constantly to hurry them up.

Thanks for the advice, we applied for the 5 year capped tracker yesterday. The advisor did say it could take 6 weeks, he explained that he had to phone through all the details to the office that process the applications (online system not up and running, says that as co-op are a traditional business, they are behind the times with technology!!!!), and therefore the application form, when we get it, will be full of spelling mistakes and errors (that sould have got my alarm bells ringing there and then, posts in this thread just confirm this)

So, to keep chasing things up, who do I call? The advisor we saw in branch, or have you got a phone number for the 'processing office' ...if you have that I would be quite greatful, ive got a feeling I may need it!:rolleyes:

Welshlassie

lindos90 wrote: »

So, to keep chasing things up, who do I call? The advisor we saw in branch, or have you got a phone number for the 'processing office' ...if you have that I would be quite greatful, ive got a feeling I may need it!:rolleyes:

08000 288 288 is the main call centre number but you can be on hold for anything up to 20-30 mins trying to get through.

Once you application has been accepted and is being processed you shoudl receive a letter from your caseworker with the direct team dealing with it and how to get through to them. You will still be on hold for 5-10 mins when you ring, but it is quicker.

I'd be inclined to call every other day to pester them into moving quicker, also be nice and try not to get anonyed as you will get them to do more for you. I tried the nice route and had stuff resolved within a couple of hours, my husbadn did the impatient route and it took forever.

sallycanwait

I rang the number to arrange our mortgage and was assured there were no delays in processing at the moment.

I guess we shall see....

graham17_2

So far, it's been good for me.

I applied on friday in branch. The man called the central bank on saturday, then called me to inform me it had been approved (subject to proof of wage, address, etc. obviously). He originally said I should hopefully have the loan papers (which I'd need to sign and return) by the end of this week. I gave a call today, and he gave me the number for the central bank: 08000 288 288. I was only on hold for about 2 minutes. They informed me it has been processed and had been sent out but it had possibly been delayed due to a postal strike on monday. He assured me they should be with me soon, but just in case, he was re-printing them and sending them out first class so should have them by saturday, if not before.

He seemed very genuine in that it had all been processed and sent, so seems good to me so far. Just waiting on the papers arriving soon hopefully :-)

Graham.

lindos90

Got my paperwork through today, the advisor told me to check it, and boy was he right!

Its got me down as unemployed, whilst having a salary of £35k (im neither, im a housewife!!!!!)

Also says I have three dependant children, whilst my husband has none (they ARE his!!!!)

Lots of other mistakes, but that was just for starters, so yes, when you get the form, check every bit of it as there are silly mistakes, even if you told the advisor something very clearly, there is no saying it will have been included correctly.

So, up to now, speedy but not too acurate, lets hope things improve.

sallycanwait

LOL - us too. Got ours yesterday - apparently I have no dependents (I definitely remember giving birth to the munchkin!) while partner has 1. My salary is quoted as our combined salary, I am male despite using the title Ms. I could go on.

Glad they came through quickly, but amazed at all the mistakes and omissions.

Sent back recorded delivery and will post once we hear next stage (I assume someone will contact me to arrange valuation?).

Bean_69_99

hope these Co-op problems are ironed out... I've just found out that the house we look ed at loved months ago but was sold by the time we got the mortgage approval has now fell through.

Going tomorrow to agree £££ and will be in the Co-op in the afternoon to get the ball rolling, though ive just realised i have no idea what to do once we agree £££ tomoro... (bloody FTB's )

Will the Co-op handle the conveyancing? Is it advisable?

ultramagnetic_commuter

Looks like Co-op have pulled the 5 yr 4.99 fix and the Capped Tracker over the weekend. I don't they they were available for long.

I applied Thursday and made a point of checking with the guy on the phone that even if they pull the deal before the offer then I can still get it. He said yes but I'm still slightly nervous! I've received the paperwork and returned it over the weekend - presumably they won't withdraw the deal from someone who's already been through a telephone application??

sallycanwait

Wow! That's a bit worrying!

In same situation - asked guy on phone on Friday if we would still be ok to have it if it's withdrawn, and he assured me that the offer was valid for 28 days and then we'd need to reapply, but as it was fairly new he was certain it wasn't going anywhere soon. Oh well! Looks like we got lucky then.

Just hope everything goes through before the end of the month now then - glad we sent the paperwork straight back though and didn't hang around like we almost did.

Looking at the site the 3 year deals are still available. Will keep an eye on it to see if they replace it with anything (better).

Thanks for the heads up!