Co op bank launching 2 yr fixed mortgage @ 1.09. The mortgage has a fee of £1,499.
29°Expired

Co op bank launching 2 yr fixed mortgage @ 1.09. The mortgage has a fee of £1,499.

14
Found 1st May 2015
Goes on Sale today...40% deposit required

14 Comments

I was just reading a BBC news article about this - I'm sure it said to be careful as the reversion rate is quite high (4.74% or something - can't check on my phone).

Lol coop bank nearly went broke remember!!!
All because it was handled by fools
At your own risk my friends

peterdarlison

Lol coop bank nearly went broke remember!!!



More reason to borrow from them X)

Comment

peterdarlison

Lol coop bank nearly went broke remember!!!All because it was handled by … Lol coop bank nearly went broke remember!!!All because it was handled by foolsAt your own risk my friends



And what happens if they go broke when you OWE them money - do you owe them any more?

The only risk if they go broke is if you have in excess of £85,000 in an account with them

Great deal if borrowing a large amount of money. Else a higher interest rate with lower fee is likely cheaper overall. Voted hot

Marathon if, and you actually believe the government will actually guarantee your 85k lol?
I doubt it very much. I trust nothing with any government.
At least the banks that were propped up by us nearly went bust because of lending between each other ,is false money but the coop bank nearly went bust because of their bad banking decisions.
Xxx

Also to add if any of the top 100 banks went bust where would the government get the money to pay billions to the under 85k savers????
They haven't got that kind of money.
Therefore all bull,,,,it from the government.
It just isn't possible,,, you will lose it!!!

Original Poster

the reversion rates on many of these mortgages where rates are initially low are pretty high, better to do the math before plumping for this. though I posted the deal, I'd prefer to opt for a 5 year. If the rates stay as is until 2016 as many economists are predicting we just need to keep our eyes peeled for further cuts in this market

still this may suit some who do not want to fix for a longer term and can pay the typically large fee upfront.

IndyS

the reversion rates on many of these mortgages where rates are initially … the reversion rates on many of these mortgages where rates are initially low are pretty high, better to do the math before plumping for this. though I posted the deal, I'd prefer to opt for a 5 year. If the rates stay as is until 2016 as many economists are predicting we just need to keep our eyes peeled for further cuts in this market :)still this may suit some who do not want to fix for a longer term and can pay the typically large fee upfront.



I've never reverted to a standard rate and always remortgaged. As long as you are comfortable with risk of interest rate changes that's the cheapest option (has been for me last 6 years)

peterdarlison

Marathon if, and you actually believe the government will actually … Marathon if, and you actually believe the government will actually guarantee your 85k lol?I doubt it very much. I trust nothing with any government. At least the banks that were propped up by us nearly went bust because of lending between each other ,is false money but the coop bank nearly went bust because of their bad banking decisions.Xxx



Issues regarding whether or not you feel that the government will honour their guarantee should have no bearing on whether or not this mortgage is a good deal.

peterdarlison

Also to add if any of the top 100 banks went bust where would the … Also to add if any of the top 100 banks went bust where would the government get the money to pay billions to the under 85k savers???? They haven't got that kind of money. Therefore all bull,,,,it from the government.It just isn't possible,,, you will lose it!!!



lol!
the same way they found £20 billion to buy Lloyd's. governments borrow billions every year at the moment, but apparently they are trying to reduce this and its been in the news or somewhere...

add to that the approx £11 billion they still own in Lloyd's shares that they will sell. that alone will cover £85k each for 129,411 people. :-)

marathonic

CommentAnd what happens if they go broke when you OWE them money - do you … CommentAnd what happens if they go broke when you OWE them money - do you owe them any more?The only risk if they go broke is if you have in excess of £85,000 in an account with them

Of course you owe them someone else will take over

eg northern rock is now virgin money

cliosport65

Of course you owe them someone else will take over eg northern rock is … Of course you owe them someone else will take over eg northern rock is now virgin money



Sorry, I was asking a rhetorical question but it could have been taken one of two ways.

It was directed at the person who suggested you shouldn't take a mortgage with a company that, in his opinion, could go bust. My question should have been phrased "do you owe them any extra if they go bust" as opposed to "do you owe them any more if they go bust".
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