Co-op about to launch new 5 year fixed @2.79% (£999 fees) - other banks to follow?

latecomer

The significant difference for us is that the Co-op allows you to withdraw overpayments and the Britannia does not (our current mortgage is with the Britannia).

latecomer

Applied yesterday over the phone and was accepted. The advisor had to check about my probationary period as I'm in a new job but came back and said it wasn't a problem. Forms should be in the post.

I did ask whether there would be an existing current account holder variant with lower fees but there are none that she was aware of. That said she also said that they only get 2-3 days notice of new products so that didn't mean much. If there is a better product released there is a £150 fee to switch between products and apparently its very simple and quick.

Thrugelmir

latecomer wrote: »

and was told a new product is being launched on Friday which is 2.79% and £999 fees. Great for us as it will save approx us £1500 over 5 years.

Product requires at least a 40% deposit.

latecomer

If anyone is interested I've just found out that an offer is in the post so the total time from the initial phone call to offer was around 4 weeks. We did take a about a week to return the signed form which was posted back on the 5th Dec.

We do have a low LTV and a are borrowing a low multiple of our combined salary which no doubt has helped push things through.

Yorkie1

Latecomer, have you had the [STRIKE]survey[/STRIKE] valuation yet? Was it an internal inspection or drive by?

I've booked an appointment with the mortgage advisor to go through the sums after Christmas and just wondering what the actual process was.

Interestingly enough, although it was a Co-op branch which I went into, it seems that they only offer the 'Britannia' version of the product. Slightly puzzling.

latecomer

Just a desk/drive-by valuation. I was curious to find out what the valuation was just to see how it comapred to the estate agents valuations we have done last year but she wouldn't share it as it was for mortgage purposes only. mind you I wasn't paying for it so cant really complain

Be careful which one you get if you want to have the overpayment fund with the facility to withdraw funds as this is only available onthe Co-op product not the Britannia one.