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Co-Op Increasing rates by up to 0.60%

Journalist: Justin Moy, Contributing Editor

ended 29. January 2024

Co-op have just announced a number of product increases across their fixed ratea for residential mortgages, and rate cuts for Buy to Let deals. We asked a number of Newspage mortgage brokers for their reaction to these changes :

 

3 responses from the Newspage community

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Robert Timm
Managing Director at Sunland Mortgages
This is clearly in response to the service levels Co-Op are experiencing as a fallout of offering very competitive interest rates a few weeks back. The current wait times are akin to during lockdown, when compared to most other lenders which are only taking a few days is poor. Co-Op need some time to clear the decks, and this is what the rate increases are designed to do. Have they not learnt their lesson from the Platform days?
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Richard Jennings CeMAP
Founder & Managing Director at Richard Jennings Mortgage Services
Whilst it's great to see such a positive reduction to their buy to let product offering, seeing a rise of .6 base points to their residential range is disappointing. Hopefully this is just tactical move from the Coop to reduce business levels whilst they embed a new system.
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Akhil Mair
Director at Our Mortgage Broker
That’s cheered up the broker market up. Finally, Co-Op is shaking up the mortgage market with bold moves. While some may balk at the rate increases for residential mortgages, the rate cuts for Buy to Let deals signal a refreshing shift towards empowering property investors at these “exciting” times. Change always sparks debate, but Co-Op's daring approach might just be what the industry needs to redefine mortgage dynamics.