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

samphe

I'm a bit gutted about missing out on the 5 year capped tracker. I phoned this morning and they told me it had been pulled. We tried several times to phone last week and couldnt get through. So because of their inability to answer their phones we've lost out!! I'm not happy. Does anyone know of an equivalent deal???? Not likely i know!

ultramagnetic_commuter

Not what you want to hear but I couldn't find any capped trackers when I was working out if the Co-op was a good deal.

I guess they have a certain quota to sell and then they pull it.

lindos90

Wow, looks like we only just got in there, had an interview with the advisor last week.

A question to those who have applied, what did the advisor say about the valuation options?

We were told verbally that a basic valuation survey would be 'a few hundred pounds' a homebuyers would be 'a couple of hundred pounds more' and a full structural survey would be 'a lot more' thats all he would say!

He pushed for us to take the basic survey as he said the other surveys only 'state the obvious and you dont need to pay someone to tell you that' he even went on to say that as the house was fairly new (approx 10 years) it would not have a damp problem anyway...how would he know that for sure?!

Try as I might, I have not been able to extract three accurate prices for the different levels of survey, nor what is included in each level.

He didnt even know which survey company the co-op use!! (Hope to God its not countrywide surveyers!)

At the Halifax they gave us a broucher which had all this detail, prices, and a chart showing what was carried out with each level.

Im starting to regret my choice now, it was the cheapest Ive found (if they honour the rate) but the service is not good.

Debbie1980

Have just read this and am also really worried. Had an interview at the co-op on Friday and he printed off a key facts document and said he'd put it through that afternoon, then next week (now this week) a "caseworker" would contact us. Do you think this is enough to have secured us with this or have we just missed out, am feeling really panicked now and am expecting a sleepless night (again)

Debbie1980

Panic Over for me, I just spoke to them and the guy we saw on friday had put it on in time for the Saturday PM which is when the deal was withdrawn. We have to fill in the blanks and check through the paperwork and send it back (when we get it)

lindos90

Debbie1980 wrote: »

Panic Over for me, I just spoke to them and the guy we saw on friday had put it on in time for the Saturday PM which is when the deal was withdrawn. We have to fill in the blanks and check through the paperwork and send it back (when we get it)

That must be a reilef, Im glad he did it in time!!
:beer:

lindos90

To all those who applied for the products just before they finished last weekend.

I called the 0800 number today to ask when my valuation will be done, and was told that even though we applied for the 5 year tracker before it was pulled, it was not definate that we would get the product, even if our application was accepted!!!!!!

Now this could just be one advisor who has her wires crossed, but its really got me worrying, she qualified her statement by saying it would depend on how long our application took to process, and as there are delays, its not a done deal until we get our mortgage offer document, where we would need to see what 'deal' is mentioned on the document!!!

Im guessing they pulled the plug on the product, but still have a certain number of these products available, and who ever gets their application processed the quickest has a better chance of bagging one!

Currently she explained that there is a 2 week backlog to 'assess applications' (ie to see if we earn enough etc) then only when thats been assessed they arrange a valuation (this goes to the dreaded company countrywide, who subcontract the valuation to local valuers, who may themselves have a baclog of work)

Then when the valuation is done, it is at least 2 more weeks before that is assessed, and hopefully a formal offer is then made.

ultramagnetic_commuter

The way I understood it in terms of the approval process was, they do a credit check over the phone (which they did) which is stage 1. Second stage is to send your P60 & payslips which goes to the underwriters to approve. Following this comes an offer (subject to survey). Then the survey goes ahead and you get the full offer.

When I asked at the time of application how long it would all take he said 4-6 weeks. He also said the product I have chosen is held for 30 days until the offer so it isn't realistic to expect the whole process to have happened including survey within 30 days. On that basis, most of us won't get the products we applied for.

My guess is the product is secured when you are accepted. I could be wrong. I think I'll chase next week.

jem16

I find it incredulous that the Co-op are not saying ( if that's the case) that if you applied before the mortgage was pulled then you will be guaranteed to get that rate providing you meet the criteria with income and valuation.

To apply for a deal of a 5yr fix at 4.99%, go through all the application, send in all the forms and proof etc then 6 weeks down the line ( through nobody's fault but the Co-op's) the Co-op turns round and says - "Yes you can have a mortgage but not the one you applied for. It's now 5.99% (or whatever) and it will cost you an extra £200pm (or whatever).

Meanwhile the 2nd best mortgage deal on the table when you first applied 6 weeks ago is no longer there either.

Surely not?!!

At least when First Direct had a 5 yr fix around 18 months ago which was pulled, everybody who had at at least applied secured that deal. I would hope the Co-op would be doing that too!

new_home_owner_3

coop are shocking we applied and the process is that slow, they was supposed to send our offer out last week but no sign of it, i think unless you had the agreement before they changed the rate, you will have to go on one of their current deals.

If its not bad enough, if you want to apply somewhere else it affects your credit rating.