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

graham17_2

Lindos90, when you applied for your mortgage, did you state what house? I'm not 100% how it works in England (I'm just assuming most people here are based in England), but do you apply for your mortgage before you have an offer accepted?

To be honest, I didn't really clarify that with her as I have no intention of making changes to the mortgage, so please don't take what I'm saying on that front with regards changing the mortgage as fact - could be wrong.

Other than that though, all of what I'm saying should be right - I am reading it straight from the forms :-)

Just wanted to add that on.

Cheers,

Graham.

lindos90

Thanks for the replies, on the friday when we first enquired about the mortgage we had not got a particular house in mind, just a budget of what we wanted to borrow.

The next day we had an offer on our property, but also viewed a house and made an offer on it, so it all happened pretty quickly!

(no so quicly since then mind you!!:rotfl::rotfl:)

I do appriciate that the process is very different in Scotland, but thank you for your advice anyway.

I know the simple thing would be to call and ask, but the last time I did that, I was given very duff advice (see my earlier post about not being garunteed the rate, even if applying before it was pulled!)

graham17_2

Hey,

Yea I totally understand what you mean - different answers from different people.

To be honest, I wouldn't worry about it. If the situation arises then you can sort it then, but I'm sure all will be fine. Easy to deal with, if only a little confusing different people saying different things (think most call centre's are the same!).

Sorry can't be of more help, didn't decide to clarify that at the time as I figured it didn't apply to me.

Hope it all works out well - just keep pushing them along (and never assume someone will actually call you back, lol).

Cheers,

Graham.

lindos90

Anyone on here who applied for the 5 year capped tracker got an offer yet?

Ive chased mine up today as its almost 6 weeks, and should be here (they said 4-6 weeks)

Was told the valuation had not been taken from the database yet (I think that means its still on someones desk!) that the assessor would need it for 5 working days, then the underwriters would need it for 10, then the formal offer should be passed back for someone to process within 5 working days....thats another month, and she didnt even say definatly within that time!

I seem to have no luck at getting correct info when I call, so maybe this is not the case

I told her that our vendor was wanting to proceed sooner than that, and we may loose the sale, she appeared to shrug her sholuders over the phone, and said 'well if that happens, then you will have to tell us in writing'

You dont possibly think that the co-op are deliberatly dragging their heels with the last few applications that were made on the 5 year capped tracker just before it was pulled, in the hope that they do not have to honour them if people have to pull out?:eek:

sallycanwait

Hey lindos

I was starting to wonder if we'd ever hear "officially" having been told over the phone a couple of times it was approved. But my solicitor's tracking tool has updated today to say it has been received. Assume my copy is in post but not checked it yet.

Applied on 28 August so exactly 5 weeks.

Hope yours comes through soon and doesn't cause any unnecessary problems for your purchase.

lindos90

Thanks, we applied only a few days before you did, so I will keep my fingers crossed that it will be soon.

I always get the 'computer says no' people when I call, so she was just reading from a script of possible timescales, in practice it may not take as long as she suggested.

Did you constantly call them up to keep things moving?

Im regretting not doing this now, perhaps each time you call, the file gets pulled out and worked on.

Person_one

We went with the 5 year capped tracker and are trying to buy a repossession.

The main problems we've had with the co-op have been a general lack of efficiency (losing our documents, errors on the application etc) and the fact that they don't provide any kind of AIP/MIP.

We had a really hard time convincing the sellers (management group on behalf of repossessor) to consider out offer because of that second issue.

The other slightly annoying was when they informed us AFTER the valuation that they wouldn't mortgage properties higher than 10 floors high. We'd been very clear from the beginning that the flat was on the 11th floor.

I've banked with the co-op for years happily but I've warned other first time buyers I know (I'm that age, I know a few!) to be wary.

Person_one

lindos90 wrote: »

Anyone on here who applied for the 5 year capped tracker got an offer yet?

Ive chased mine up today as its almost 6 weeks, and should be here (they said 4-6 weeks)

Was told the valuation had not been taken from the database yet (I think that means its still on someones desk!) that the assessor would need it for 5 working days, then the underwriters would need it for 10, then the formal offer should be passed back for someone to process within 5 working days....thats another month, and she didnt even say definatly within that time!

I seem to have no luck at getting correct info when I call, so maybe this is not the case

I told her that our vendor was wanting to proceed sooner than that, and we may loose the sale, she appeared to shrug her sholuders over the phone, and said 'well if that happens, then you will have to tell us in writing'

You dont possibly think that the co-op are deliberatly dragging their heels with the last few applications that were made on the 5 year capped tracker just before it was pulled, in the hope that they do not have to honour them if people have to pull out?:eek:

Hi Lindos, my formal offer arrived with a copy of the valuation survey earlier this week, I'd say about 4 weeks since the first meeting with the advisor. However because the property we're buying is repossesed and has a 28 day deadline (not long left on that!) apparently they put a 'priority' tag on the file. Could you request this?

ultramagnetic_commuter

This is a useful thread to watch as we're in the process too...

Took about 2 weeks from date I returned completed forms to getting a call from our dedicated case worker. Frustratingly, he said he wouldn't be looking at it for 2 weeks but he said if everything was straightforward then it's only a few hours work for him to do his checks (affordability etc.). He was true to his word and 2 weeks later (last week) he called to say it was all OK and he was instructing valuation. Currently just wating for that to happen.

Apparently if valuation is OK, it then goes to underwriter and generates formal offer.

As an aside, what extra checks to the underwriters actually do? He said he checks things like income, credit check, affordability etc. so I wondered what the underwriters actually did.

I am hoping he doesn't sit on it for another 2 weeks once we've had the valuation done as the rest of the chain are waiting...

Debbie1980

I sent my signed application back and was told it would be 20 days beofre we would be told if it was okay. I chased every 3-4 days but this had no impact, and it was day 21 when we heard it was ok and passed to a surveyor. The surveyor is going to the property on Tuesday. i was hoping things might finally start moving, but from reading the updates on this thread today i'm feeling a bit disheartened again