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MSE News: Co-op to raise standard mortgage rate
Former_MSE_Helen
Posts: 2,382 Forumite
This is the discussion thread for the following MSE News Story:
"54,000 Co-op and Britannia mortgage holders will see their mortgage rate rise next month by half a percentage point"
"54,000 Co-op and Britannia mortgage holders will see their mortgage rate rise next month by half a percentage point"
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Comments
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With savings rates in excess of 3% available, the funding has to come from somewhere. It is now looking to me as though this trend in mortgage rates is set to continue.All the lenders mentioned blame the increased cost of funding mortgages
Warning: In the kingdom of the blind, the one-eyed man is king.
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I agree, Consumerist.
To all those people who 6-12 months ago were saying go variable rate and switch to a fixed rate when rates are starting to rise...
... I say "FIX NOW!".0 -
I'm surprised MSE didn't go for a shock headline like:
"Ethical CO-OP shafts mortgage customers".0 -
Co-op / Britannia still have excellent fix rates though. I have just fixed for 5 years at 4.19. (I get a 0.25% discount in the SVR when and if I get to it as a union member)0
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Five year fixed went last week, only 2, 3 and 10 year fixed. Glad I fixed on their 5 year 3.39%0
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And I have 1.69% as a lifetime tracker of 1.19% over BoE- there was no fee and this is after an introductory period of .99% over base for 2 years so I am a pretty happy customer.MFiT-T4 Member No. 96 - 2022 is my MF goal
Winter 17/18 Savings Rate Goal: 25% [October 30%] :T
Declutter 60 items before 31.03.18 9/60 ** LSDs Target 10 for March 03/10 **AFDs 10/15 ** Sales/TCB Target 2018 £25/£500 NSDs Target 10 for March 02/10 Trying to be a Frugalista:rotfl::T0 -
opinions4u wrote: »I'm surprised MSE didn't go for a shock headline like:
"Ethical CO-OP shafts mortgage customers".
Ethical being the keyword. So I prefer......
"Ethical CO-OP rewards customers that save".0 -
If only they did!Thrugelmir wrote: »Ethical being the keyword. So I prefer......
"Ethical CO-OP rewards customers that save".
http://www.co-operativebank.co.uk/servlet/Satellite/1193206370514,CFSweb/Page/Bank-Savings?WT.svl=nav30 -
opinions4u wrote: »
3%+ gross is far higher than base rate. Reflects Co-Op's lending rates.
Lenders are progressively edging rates upwards. As none now wishes to move out of line.
After years of wholesale money dictating mortgage rates. Seems as savers are coming back as the main source of funding.0 -
But still 1% under the best rates, so I'd agree with O4U.Thrugelmir wrote: »3%+ gross is far higher than base rate. Reflects Co-Op's lending rates.0
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