Housing CO-OP mortgage

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Housing CO-OP mortgage

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calum

Joined: 07 Mar 2013
Posts: 10

Posted: Tue May 13, 14 3:26 pm Post subject: Housing CO-OP mortgage
Our search for a house has taken a few twists and turns [ and disappointments ] and we have accepted an invitation to join a rural Housing Co-op. Does anyone know of any lenders apart from the Ecology who'll lend ? running into lots of brick walls. The Ecology will lend but are very expensive and trying to track down any alternatives. THanks Calum

tahir

Joined: 28 Oct 2004
Posts: 45674
Location: Essex

Posted: Tue May 13, 14 3:27 pm Post subject:
Have you tried any building societies?

calum

Joined: 07 Mar 2013
Posts: 10

Posted: Thu May 15, 14 12:56 pm Post subject:
All I've found so far is the Ecology BS but rates are pretty high , currently just short of 6% , doesn't seem to be anyone in this economic climate who's prepared to think outside of the box regarding housing

tahir

Joined: 28 Oct 2004
Posts: 45674
Location: Essex

Posted: Thu May 15, 14 1:23 pm Post subject:

I spoke to the chief exec of Ecology at last year's Ecobuild, he said their rates were sustainable and non gimmicky. Which is true, they also talk to you sensibly (I went to them first for my mortgage), BUT they're not the cheapest (they wanted 3.75% when I applied).

I ended up with Skipton who had a 2 year fixed at at something ridiculous, when the 2 years were up it went up to 6% or something. They said that was the best they could do until I told them I'd move to Post Office (who were offering a similar 2 yr deal), I now have a new mortgage with Skipton that again has 2 yrs fixed at 2.?? %

So that's how it is. Dealing with someone straightforward and sensible is more expensive than dealing with people that just chase the numbers. On the size of my mortgage the extra cost would be too big for me to bear.

Pilsbury

Joined: 13 Dec 2004
Posts: 5645
Location: East london/Essex

Posted: Thu May 15, 14 1:36 pm Post subject:

I havent looked at morgages for a while but i was under the impression rates from lenders were on the rise again, there has been hints the bank of england may raise base rates sooner than previously expected.
My lender has given up asking if i want a morgage review since i have a discounted tracker and now the discoint rate is over im 0.5% over base rate, everything they are offering now is 4% + witjout huge equity in the property or massive dposits.

sean
Downsizer Moderator

Joined: 28 Oct 2004
Posts: 42219
Location: North Devon

Posted: Thu May 15, 14 1:53 pm Post subject:
They've just said that base rate won't rise for a year (probably).

Pilsbury

Joined: 13 Dec 2004
Posts: 5645
Location: East london/Essex

Posted: Thu May 15, 14 4:34 pm Post subject:

Last i heard they had said it would be 0.5% until unemployment hit a certian reduction and thatvwas happening faster than expected, glad t hear its going to stsy down cos im madly overpayimg on my morgage to get it as low as possible before they rise, hoping o be in a position to cash in most of my assets in 4 years time and clear the morgage compleatly and thwn use the morgsge money to rebuild assets intrest free lol.

Mistress Rose

Joined: 21 Jul 2011
Posts: 15986

Posted: Fri May 16, 14 7:09 am Post subject:
At which point Pilsbury you will be complaining about the lack of interest on savings. Low interest rates do cut both ways and at present those with savings are really suffering.

Pilsbury

Joined: 13 Dec 2004
Posts: 5645
Location: East london/Essex

Posted: Fri May 16, 14 8:33 am Post subject:
Yep i know but you just have to look at alternative assets to bank accounts, there are still things thst are going up in value albeit slowly and i seem to of got onto some sort of investers call list some how cos in the last 3 weeks i have beem contacted to invest in coloured diamonds, fine wines amd original art, all of which i declined nit there are markets still to make money.

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