MSE News: Co-op to raise standard mortgage rate

Consumerist

de1amo wrote: »

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!

All I can say, really, is that it is currently normal practice to move a mortgage to the lenders SVR at the end of the term of a deal.

If it was 5 years ago, perhaps you were moved to a tracker mortgage (e.g. BoE Bank Rate + 1.5%) when your last deal came to an end.

Are you sure you are paying only 2%?

sonny_c

My current deal end's this month then reverts to SVR

Trying to get on there fixed for 5 year @ 3.39%

But been declined by them for a standard current account which is needed for above deal or without would be @ 3.59%, which I'm trying to look into why they declined me!

*glad they kept 5 years deals open for existing customer as I was advised last week the 5 year deals were to be removed

JimmyTheWig

sonny_c wrote: »

My current deal end's this month then reverts to SVR

Trying to get on there fixed for 5 year @ 3.39%

But been declined by them for a standard current account which is needed for above deal or without would be @ 3.59%, which I'm trying to look into why they declined me!

*glad they kept 5 years deals open for existing customer as I was advised last week the 5 year deals were to be removed

Good plan to check why you were refused (remember to check your credit reports - guide to how to best do this on this website) because if you were refused a current account they may well refuse to give you a new mortgage deal.

sonny_c

They have not refused me to remortgage

I already have the new mortgage deal paperwork waiting to be signed and returned which is valid for 4 months which is based on me having a current account.

I'm still awaiting my unique pin sent via post to access my credit report from CreditExpert from Experian. 7 days will have passed from my 30 day trial before I have even used the services

Consumerist

sonny_c wrote: »

They have not refused me to remortgage

But it seems odd that they have, nonetheless, declined your application for a current account. You really should find out why.

de1amo

Consumerist wrote: »

Are you sure you are paying only 2%?

My mortgage is 55k and i am paying 92quid pcm.-2pc!---i get 11pc interest on my savings(abroad)

Consumerist

de1amo wrote: »

My mortgage is 55k and i am paying 92quid pcm.-2pc!---i get 11pc interest on my savings(abroad)

That 2% is a good rate by today's standards. Particularly as the 2% is on an interest-only basis.

I can only suggest, again, that you contact Britannia to find out exactly what type of mortgage you have. I strongly suspect a tracker mortgage, as suggested earlier.

In any event, it seems unlikely that you will be affected by the impending change to SVR.

I would certainly be interested to hear the outcome of your enquiries; perhaps you might post when you know something more.

Thrugelmir

de1amo wrote: »

My mortgage is 55k and i am paying 92quid pcm.-2pc!---i get 11pc interest on my savings(abroad)

Lira has dropped 12.5% against the £ in the past 12 months.

So not as good you say.

Consumerist

Thrugelmir wrote: »

Lira has dropped 12.5% against the £ in the past 12 months.

Which Lira is that ?

Thrugelmir

Consumerist wrote: »

Which Lira is that ?

Turkish Lira.