Britannia Mortgage 5 year Fixed - no fee

michaels

Annouck wrote: »

Heads up everyone - if you were looking to move on to this mortgage it is being withdrawn from tomorrow (07 March). If you call Head Office then they will tell you that this is fully subscribed. Apply online fast this evening before the deal disappears, or take the chance that another one will come to the market which is suitable... Good Luck!:D

Still on the Coop website?

RP72

Britannia's 2.79% is being pulled today - changing to 3.39%

Gambler

Annouck wrote: »

I would imagine that you'd be paying from when you sign the paperwork, so find a mortgage with no administration fees, arrangement fees etc if you decide to pull out. This one also had free valuation and conveyancing, but I believe that there is also a 3.29% 5 year fix the same with Britannia/Co-op and there may be others. I think - probably best to call the bank and ask though!

But this mortgage doesn't have any fees so it will cost me nothing if I change my mind after applying?

shymanuk

JimmyTheWig wrote: »

Why, what's the restriction on term, shymanuk?

Hi jimmy, they say we cant afford the morgage @47,000 over 6 yrs but can have it over 23 years setting the payments at £230.00 ish per month, we pay £660.00 at the mom and have just repaid a lump off. this is with halifax, they have reduced the term no problems at all, but britania say it has to be 23 years ... so even if i overpay the max 10% each year ill still end paying less than sitting where i am at the mom... ie britania roughly £520 per month over 5 yrs as where halifax £660 plus any overpayments we can manage ... halifax it svr 3.99 and britania is 2.79 just want to do it the cheapest way without lots of worry ..... any ideas

JimmyTheWig

shymanuk wrote: »

Hi jimmy, they say we cant afford the morgage @47,000 over 6 yrs but can have it over 23 years

Ahh, I see. I thought you meant it was a general restriction.

halifax it svr 3.99 and britania is 2.79 just want to do it the cheapest way without lots of worry ..... any ideas

The MSE mortgage calculator says you will pay £5,928 in interest if you stay with Halifax.
My calculations (plenty of scope for rounding errors, etc) show that you would pay around £4,600 in interest if you switched to the Britania deal on a 23 year term and made 10% overpayments each year for the first 5 years then when the 5 year fixed rate is up (at which time, I'm guessing, there will be no penalties for overpayments) pay off most of the balance and pay the rest off when able to at the end of the sixth year.

motch

shymanuk wrote: »

Hi jimmy, they say we cant afford the morgage @47,000 over 6 yrs but can have it over 23 years setting the payments at £230.00 ish per month, we pay £660.00 at the mom and have just repaid a lump off. this is with halifax, they have reduced the term no problems at all, but britania say it has to be 23 years ... so even if i overpay the max 10% each year ill still end paying less than sitting where i am at the mom... ie britania roughly £520 per month over 5 yrs as where halifax £660 plus any overpayments we can manage ... halifax it svr 3.99 and britania is 2.79 just want to do it the cheapest way without lots of worry ..... any ideas

Would work out fine, as you're able to pay it off ok at current 6 years as it was. Could've got the 5 year deal, overpayed 10% each year, save the other money. Then after 5 year deal finished pay down the amount left, (then being SVR you can normally overpay as much as you like?)

michaels

Annouck wrote: »

Heads up everyone - if you were looking to move on to this mortgage it is being withdrawn from tomorrow (07 March). If you call Head Office then they will tell you that this is fully subscribed. Apply online fast this evening before the deal disappears, or take the chance that another one will come to the market which is suitable... Good Luck!:D

I would just like to say thank you very much for the heads-up. Yesterday I switched fromthe £995 product to the free one and tweaked my borrowing amount which I had been meaning to do since the fee was removed but had not got round to and it seems that today the product is no longer on the coop website.

So £850 saved due to your info - once again thanks.:T

Annouck

michaels wrote: »

I would just like to say thank you very much for the heads-up. Yesterday I switched fromthe £995 product to the free one and tweaked my borrowing amount which I had been meaning to do since the fee was removed but had not got round to and it seems that today the product is no longer on the coop website.

So £850 saved due to your info - once again thanks.:T

YAY! I'm pleased as punch for you! That's cheered me right up for the weekend now. I applied on the internet for the mortgage and have the email to say that the application was received, but I haven't heard anything just yet. No doubt they have a bit of a rush on. I do have this terrible feeling that they'll just phone me up and give me a fascinating reason why it can't go ahead though...:(

shymanuk

motch wrote: »

Would work out fine, as you're able to pay it off ok at current 6 years as it was. Could've got the 5 year deal, overpayed 10% each year, save the other money. Then after 5 year deal finished pay down the amount left, (then being SVR you can normally overpay as much as you like?)

Hi yes i had thought of that, but wanted to pay as much as poss in those five yrs ..... but thank you for the replys guys /girls

Sparkle_66

I phoned the Co-op last Friday to make my application for 5 year fixed @ 2.79% £0 fees, valuation costs etc. Mortgage application form sent for me to sign and posted back yesterday with evidence. I knew this was a good mortgage deal and that it wouldn't be around for long. Currently with HSBC 5 year fix @ 4.29% with 3 years left ERC about £800 but worth the move. I bank with
Co-operative and their customer service is excellent.