Most amazing mortgage deal ever? (Tracker)

TheSaint_2

So I have been with the coventry for about 7 years now. When I took out the mortgage it was 0.4% above bank of england base, which at the time was the best deal on the market - for a tracker. There were no fees to speak of and the mortgage was portable with the ability to over pay or underpay etc.

Over the past few years the coventry have eaten up the reductions in the bank of england rate and held their own society rate higher, such that I am now paying about 4% interest.

I switched banks to the co-op recently and they have a set of deals for banking customers which appear to be absolutely amazing. The best deal which I seem to have been accepted on is 2.09% above base for the life of the mortgage. And base in this case really is the bank of england base! So my new rate will be 2.59% :j. This saves me aboud £70 a month! Not to be sniffed at!

You don't see this deal on any of the comparison sites so I thought I would share it here. The only catch is that you need to be a co-op bank customer, not really a catch in my opinion. If you have less than 40% equity they do another deal for 2.29% above base I think for over 25% and another for 3.19% above base for 15% LTV.
http://www.co-operativebank.co.uk/servlet/Satellite/1193206367104,CFSweb/Page/Bank-Mortgages?WT.svl=copy

Obviously the real deal here is for people with the 40% or better LTV.

ACG

The co op recenty increased their SVR rate, im sure they did.

Are you sure yours tracks the BOE base rate and not co ops own rate?

dimbo61

so use the £70 a month to overpay the new mortgage

Thrugelmir

Enjoy it while base remains low. Not going to stay this way for ever.

Do you pay a current account fee?

TheSaint_2

No current account fee

And yes I will probably use the saving to over pay.
And yes it definately tracks the BoE rate not the co-op rate :j