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

ultramagnetic_commuter

People's experiences seem so variable (if it's any consolation). For example, earlier someone said their application was full of mistakes. Ours was taken over the phone really efficiently and although slow, no mistakes so far.

My buying agent was a lot happier knowing the valuation had been instructed as I think in the current climate, it's before that point that mortgage applications can fall apart.

sallycanwait

Well just looked through the documents. Only concern is the mention of a retention of £1000 is recommended because of active woodworm which must be remedied within 6 months of completion. Does anyone know if this means that the mortgage we get will be £1000 short or if they will give us the full loan on the assumption that we will get the woodworm sorted within the time specified? It doesn't make it clear at all.

The vendor mentioned that the valuer had found the tiniest bit of woodworm in one of the beams in the loft - hadn't realised it would be this much of an issue - especially as things have already taken so long. Also assume we'll have to pay another £310 for a re-valuation once the work is done?

Anyone know how this works? Talk about putting a dampener on things!

lindos90

Person_one wrote: »

apparently they put a 'priority' tag on the file. Could you request this?

I did say it was getting urgent and thats when she 'shrugged' down the phone, Im getting OH to call tomorrow morning, maybe he might speak to someone else whos more helpful.

Our valuation was done on 16th sept and not been acted on since , never mind being sent to an underwriter.

lindos90

To all those still waiting for the mortgage offer, ours has come through today:T just 6 and 1/2 weeks.

I would advise any of you still waiting to call up regularly, if you applied via a co-op mortgage adviser in branch, ask them to chase things up on your behalf.

I think they have such a backlog, that they are dealing with the applications who call up as the file is then pulled out and acted on, if you are quiet and patient, it may take longer.

ultramagnetic_commuter

Good news lindos90.

How long was it from valuation to offer?

lindos90

ultramagnetic_commuter wrote: »

Good news lindos90.

How long was it from valuation to offer?

Applied 27th august
Valuation 16th september
Offer 9th october

But I think that was only because we started to pester them, if we hadnt I truely believe we would still be waiting!

ultramagnetic_commuter

Thanks, useful to know.
I rang today and it's apparently with the underwriters so hoping it won't be long now...!

ultramagnetic_commuter

Just over 7 weeks from application to offer. At last we can proceed!

lindos90

ultramagnetic_commuter wrote: »

Just over 7 weeks from application to offer. At last we can proceed!

Congrats Ultra, not long now then!:beer: