Co-Operative Bank Mortgages - Good, Bad, avoid? Your experiences please..

Sammie_UK1

Hi All,

I'm thinking of going into the Co-Operative Bank on Monday to apply for my first mortgage. (We've got an offer accepted).

They've got a decent 5yr fix (85% LTV) at 4.19% that my broker couldn't match so I'm going direct to the lender. I've never banked with the co-op before so I have no idea how good they are, what their customer service is like, if they are efficient/competent etc.

Does anyone here have any experience with them; good, bad or otherwise? Should I avoid them? Anything I should be aware of? Any common issues/problems with them?

I'd be grateful for any thoughts, advice and tips....

Thanks

hugheskevi

I have a mortgage with them, and would recommend them.

Efficiently processed mortgage, and after that I receive almost no communication from them, which I view as a good thing as I don't want or need any Just get an annual statement once a year.

When I applied, one purchase fell apart, but changing to another property was all straightforward. Generally pleasant and easy dealing with them. Always quick to get through to their mortgage section, and the staff were competent.

Only tip I can think of is that I'd make sure you have up-to-date proof of your deposit funds with you (statements, etc).

RenovationMan

That looks like a decent rate for 85% LTV. With lenders SVR's going up, a few borrowers could do worse than to look at that mortgage.

I've been keeping an eye on their 10 year fixes for when my current deal ends.

dimbo61

We have a mortgage with them and very happy with the service

samtoby

I don't have a mortgage with them but I bank with them. Amazing service.

Sammie_UK1

Thanks for the replies so far.

Does anyone recall how long the mortgage application took to process?

Thanks

Dave_Ham

Have recommended a couple of clients that product, obviously going directly. Typically it has been an average turnaround, although again they asked everything they wanted upfront and then just went through their processes. Unlike some direct only banks they did not keep coming back and asking for more and more..

You will not get this in branch, although for a first time buyer are you sure you understand the implications of a five year fix?

Obviously I have no idea of your circumstances and there is no need to reply, but considerations would include length/stability of relationship if joint, potential to relocate due to work, potential of a family/bigger family and needing to upgrade etc.

This does not say I think you are wrong or naive, I am just asking you to consider the implications of a 5 year fixed - it is a long time, albeit a good rate...

All the best...

Stuart_W

We applied for our 10 year fixed Co-op Mortgage 6 years ago.

Whole application done over the phone, agreement in principle given over the phone (about 30 min phone call going through everything) - received paperwork in two working days.

Very pleased with service. Regularly contacted to make overpayments. Clear annual statements, easy to deal with on the phone

makemesumdosh

good bank, and you get points for having a mortgage which will return you a small amount of money twice a year. more if you shop at the co-op foodstores or use their other services