MSE News: Co-op to raise standard mortgage rate

Thrugelmir

ManAtHome wrote: »

But still 1% under the best rates, so I'd agree with O4U.

LloydsHBOS for one, has potentially serious funding issues. Not just for mortgages I should add. Though have reduced their rates in past 12 months on longer term fixes (over 3 years).

Co-Op is small lender in overall terms.

ManAtHome

But the bigger/TBTF/international bankstas (Lloyds, RBS etc) have access to various CB printy printy, eg Lloyds pulling at least £11bn and RBS £5bn from the ECB LTROs (and who knows what directly or otherwise from buzz bernanke...).

I suspect the smaller ones are pushing interest rates up due to wholesale funding pressures (as they're not in the "bring your wheelbarrow" quids/euros/dollars loop), not because they suddenly feel like being fair to savers.

Still surprised that any UK savers are lending their quids to the "ethical" (ie we pay less than most) co-op.

de1amo

İm a bit confused by this article. i am with brittania on a svr of 2pc. How does this relate to the 4pc plus mentioned in the article?

brit1234

Good news for savers, good news for first time buyers as house prices should fall faster.

For those who complain you should be thankful for a 3 year bail out where you could of easily overpaid.

apt

Not sure it is good news for savers. Look at the rates Coop/Britannia are offering. More likely Coop is after bigger margins so it can attract investors to back its proposed acquisition of Lloyds branches.

brit1234

apt wrote: »

Not sure it is good news for savers. Look at the rates Coop/Britannia are offering. More likely Coop is after bigger margins so it can attract investors to back its proposed acquisition of Lloyds branches.

Savers rates are definitely creeping upwards. Check up the MSE top saving accounts to see:

http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

alinwales

liubeliu wrote: »

Five year fixed went last week, only 2, 3 and 10 year fixed. Glad I fixed on their 5 year 3.39%

If you're an 'existing' customer, you still get a full suite of mortgages, including 5 year ones.
http://www.britannia.co.uk/_site/channels/mortgage/products/existing-borrower/medium-term-fixed-rates.html

I found that I was able to apply before getting a current account, now just waiting for the transfer process and then I'm happy

liubeliu

alinwales wrote: »

If you're an 'existing' customer, you still get a full suite of mortgages, including 5 year ones.
http://www.britannia.co.uk/_site/channels/mortgage/products/existing-borrower/medium-term-fixed-rates.html

I found that I was able to apply before getting a current account, now just waiting for the transfer process and then I'm happy

That's good to hear, as I have been a Brit mortgage customer since 2005. I product switched to the 5 year fixed just before Christmas. At least they are still looking after their existing customers. So no 5 year for new customers then.

Consumerist

de1amo wrote: »

İm a bit confused by this article. i am with brittania on a svr of 2pc. How does this relate to the 4pc plus mentioned in the article?

Since Britannia's current SVR is changing from 4.24% to 4.74%, it seems likely that you are not actually on their SVR but some other type of mortgage (e.g. capped, tracker, etc.) if you are only paying 2%.

It is possible that the new rate won't affect you immediately but you should check with Britannia to see if it might apply in the future when your current mortgage arrangement comes to an end.

de1amo

its been a long time since i was on any sort of deal with them--about 5 years. i was just put on this rate when the deal ended!