Co-Op 2.79% Fixed Mortgage for 5 Years (02/2018) - 60% LTV max, £999 booking fee
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Co-Op 2.79% Fixed Mortgage for 5 Years (02/2018) - 60% LTV max, £999 booking fee

130
Found 25th Nov 2012
I got an email saying Co-Op have reduced their 5 year fixed rate mortgage down to 2.79%. This is the lowest a 5 year fix has been to my knowledge and undoubtedly will run out very soon (just like the HSBC 2.99% deal did) so act quick.

Lowest variable rate is 2.39% I believe for for an extra 0.4%, you have peace of mind of no fluctuations for 5 years (circa £400 on a £100k mortgage).

Unlike HSBC and the other banks, this is a Co-Operative too so you get a share in it's profits and not the shareholders.
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Wow I might have to look into this, it might be worth paying the redemption costs to get it!
hot
Cracking deal imo if you have a large (ish) mortgage, as above stated may be worth looking into redemption cost of current mortgage if locked in. Heat added OP.
This is hot. Paid and booked my mortgage yesterday after 4 hrs of research on Tuesday with First Direct. 2.89% fixed for 5 yrs and booking fee of £1999. Are there any more fees to be paid(eg.Valuation fee)at CoOp to make me feel a bit better?!

I see there are Valuation and solicitor fees to add but this is still a fantastic deal...

Edited by: "HammerPorn007" 25th Nov 2012
Great deal got 2.5 yrs left on my current 5 yr fix at 4.59% which was best avalible at the time
HammerPorn007

This is hot. Paid and booked my mortgage yesterday after 4 hrs of … This is hot. Paid and booked my mortgage yesterday after 4 hrs of research on Tuesday with First Direct. 2.89% fixed for 5 yrs and booking fee of £1999. Are there any more fees to be paid(eg.Valuation fee)at CoOp to make me feel a bit better?!I see there are Valuation and solicitor fees to add but this is still a fantastic deal...



Sorry to tell you, but no there are no other fees to pay at all......except for those that are purchasing and it depends on the value of the property
Edited by: "no1goldenchild" 25th Nov 2012
I voted cold, having done the sums realised I would be better to pay redemption and remortgage, had an hour long application on phone then after 2 weeks of not hearing anything called them, apparently we did not fit their affordability calculator criteria but they had omitted to let us know, even though they knew that day (saving £300pcm is a hard commitment !!) , point being I wasted 2 weeks waiting for them instead of getting on and saving money elsewhere, just applied for 1.99% with abbey for mortgage brokers.....
damn only owning 95% of our house.
Just when did these 'Application Fees' appear?

I never paid anything other than a Valuation Fee in my day ........ I considered them lucky to be getting my business!!

Amazing what people will allow to be done to them these days - prepare to be bent over, Sir/Madam!
My 5yr fix finishes with nationwide next month and have been told they are going to give me a svr of 2.5%, Think I will stick with nationwide.
Is it buy to let too?
tomlewis007

damn only owning 95% of our house.

no one likes a show off...
perfidalbione

Is it buy to let too?



co-op do not do BTL mortgages, so no, just residential
Best deal currently, just did the ING at 3.19 but this is good
My fixed rate is due to finish on the 28th Feb. How far in advance can you arrange a remortgage deal? Thanks in advance.
With the Co-op normally 4 months max, so you should be allright, remember this might mean you have to move your current account to them but the process is easy and they give you an extended overdraft for six months to help you settle in.
Change to them last year 3.29 5yr fix no complaints as of yet.
74zep

With the Co-op normally 4 months max, so you should be allright, remember … With the Co-op normally 4 months max, so you should be allright, remember this might mean you have to move your current account to them but the process is easy and they give you an extended overdraft for six months to help you settle in.Change to them last year 3.29 5yr fix no complaints as of yet.



Thank you for the quick reply!
Checked on the Co-op site if you move your account then members pay no fee so they have the 3.29 with no arrangement fee 5 yr fix, i moved my account at the same time last year and no charge however LTV increases to 75%.
Hope this helps.
Ugh, we 5 year fixed at 3.29 with HSBC only last month.
Dont know if they would entertain a first time buyer and what %age they would ask in deposit
HammerPorn007

This is hot. Paid and booked my mortgage yesterday after 4 hrs of … This is hot. Paid and booked my mortgage yesterday after 4 hrs of research on Tuesday with First Direct. 2.89% fixed for 5 yrs and booking fee of £1999. Are there any more fees to be paid(eg.Valuation fee)at CoOp to make me feel a bit better?!I see there are Valuation and solicitor fees to add but this is still a fantastic deal...



How much per month would you be saving moving to that mortgage?
One of mine is coming up for renewal next month great timing.
Fantastic deal !!
60% LTV , so a bank has now confidence of a £60,000 for every £100,000 in case value of property drops from £100,000 to £60,000 in a sale after repossession. So banks' outlook on property price is grim.
johnraggett

One of mine is coming up for renewal next month great timing.



http://i82.photobucket.com/albums/j273/spenspuma/cool-story-bro.jpg
Good rate. If i wasn't enjoying 2.5% svr on my IF Offset mortgage i would b v tempted. Good find op
wookied

My 5yr fix finishes with nationwide next month and have been told they … My 5yr fix finishes with nationwide next month and have been told they are going to give me a svr of 2.5%, Think I will stick with nationwide.


That is their old SVR, guaranteed to be no more than B of E + 2%. Nice one.
AD959

That is their old SVR, guaranteed to be no more than B of E + 2%. Nice … That is their old SVR, guaranteed to be no more than B of E + 2%. Nice one.



On the SVR with Nationwide too. As I'm thinking of moving in the near future I'll sit tight for now but its inevitable that interest rates are going to go up....just a matter of when. As always you have to speculate to accumulate :-)
g1bbuk

Wow I might have to look into this, it might be worth paying the … Wow I might have to look into this, it might be worth paying the redemption costs to get it!



moneysavingexpert.com/mor…ide
maj2509

Dont know if they would entertain a first time buyer and what %age they … Dont know if they would entertain a first time buyer and what %age they would ask in deposit



Not sure about age but first time buyers would be entertained (as long as you meet the 60% LTV)
Thanks for posting - thats SUPER helpful - Heat !
Hot - I've just signed up with the Yorkshire bank at 3.49% (no arrangement fee) - the co-op looks better!
very good deal, but how strict are they, I,m a long standing HSBC customer and my mortgage of is on a fix rate of 5.69% until April, I will have to pay a small penalty £350ish, I went to look at renewing and borrowing extra taking my total to 74k on a property worth 125k, with 14years to run, my quotes I was having was increasing my current payment by £11,
basically they wouldn't give it to me because my out goings were to high, but other than normal outgoings e.g household bills, I've got a car loan £145 and 2 credit cards that total £200 (which I wanted to pay off, in the 74k I was borrowing),
they said I had to cut my outgoings by £300, I don't expect then to give mortgages out Willy nilly but I got plenty of equity and by paying off credit cards my outgoings drop by £200, other than taking some essential outgoings off its impossible.
gareds

very good deal, but how strict are they, I,m a long standing HSBC … very good deal, but how strict are they, I,m a long standing HSBC customer and my mortgage of is on a fix rate of 5.69% until April, I will have to pay a small penalty £350ish, I went to look at renewing and borrowing extra taking my total to 74k on a property worth 125k, with 14years to run, my quotes I was having was increasing my current payment by £11, basically they wouldn't give it to me because my out goings were to high, but other than normal outgoings e.g household bills, I've got a car loan £145 and 2 credit cards that total £200 (which I wanted to pay off, in the 74k I was borrowing),they said I had to cut my outgoings by £300, I don't expect then to give mortgages out Willy nilly but I got plenty of equity and by paying off credit cards my outgoings drop by £200, other than taking some essential outgoings off its impossible.


I wasn't paying the loan off, its only got 2years to run
Wookied - are you sure you'll be going on SVR of 2.5% as didn't think they were doing this anymore?
I'm on woolwich SVR which is currently 1.99% I do prefer fixed deals but guess ill never find a base plus 1.49% deal again. On the other hand, if I move house and need a bigger mortgage, I presume I can't leave the current amount on SVR and top up with a new product with the same or other provider?
For anyone not requiring a fix HSBC have a lifetime tracker at 2.59% 60%LTV with a booking fee of £999.
Good deal. Am on a 2.29 + br lifetime tracker with offset with first direct. I'd be surprised if the base rate stayed at 0.5 for more than a couple of years but the offset function (with a large offset compared to mortgage) means it prob doesn't make sense to me to pay another grand as an arrangement fee. This could save people thousands and should get flaming hot but instead saving 5 quid for some junk off Amazon will get the heat instead. Well done OP
fruityloops

Ugh, we 5 year fixed at 3.29 with HSBC only last month.



Don't beat ya self up. 3.29% is historically extremely low and there are lot of people out there on a lot more. Enjoy the good times (with respect to mortgages of course....with respect to everything else it's not so good I suppose!)
Edited by: "hotyoda" 25th Nov 2012
bookmarking for some research tomorrow. cheers op!
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