Anyone applied for Cooperative Energy Efficient Advance?

suemichelle

Hi
I'm hoping to get some new double glazed windows this summer and was looking at a loan to finance this then noticed that my mortgage company were offering an "Energy Efficent Advance"
It is like a mortgage and currently has a rate of 1.54% (Bank of England plus 1.04% for first 2 years)
There is a 3% early repayment charge for first two years which i don't think I would need to pay. Also a £95 application fee and a £140 exit fee (which i would be likely to pay as i aim to pay it back within 3 years).
Details on the website:
http://www.co-operativebank.co.uk/servlet/Satellite/1193206369239,CFSweb/Page/Bank-Mortgages
Does anyone kow anything about this and if it is a good deal. I would be borrowing about £4000 so i am not sure whether a personal unsecured loan or this would be better.
Any help gratefully appreciated.

immoral_angeluk

I'm in the 'getting more secured debt is generally a bad idea' camp.... but you'd have to compare the overall cost to the equivalent unsecured loans and if your situation is stable and unlikely to change over the term it might be a good idea.

Eric_Pisch

4k as a secured loan on your house ...

I would just get a personal loan or try for the old 0% card for purchases

suemichelle

Thanks for the advice, i will look at other options.