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- gauly's review
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Picture courtesy of Dan.
| Value for Money | 7/10  |
|---|---|
| Reviewer Rating | 7/10 |
| Overall Rating | 4.7/10  |
By gauly on 18th Aug 2006
| Product | Variable rate |
|---|---|
| Repayment Method | Repayment |
| Value for money | 5/10 |
| Overall value | 5/10 |
 gauly's recommendation | |
Started out as good value for money.
The ever increasing fees and standard variable rate of their mortgages.
My Co-operative Bank Mortgage started as good value for money. The customer service is good, and they answer the phone promptly and are helpful. They reduced my mortgage redemption fee when I wrote two letters of complaint.
The increase in their standard variable rate has been enormous. I don't believe their has been a single change in the Bank of England base rate that they didn't use to increase their SVR by at least 0.1%. Just to add insult to injury, they increased their SVR by 0.25% last month when there was no increase in the base rate at all! Then raised it again the next month by 0.25% when the base rate went up. They also increased their mortgage exit fee from £75 to £195 in those 3 years (though they did reduce it back to £75 when I complained).
All in all, a mortgage that started out well, but I got increasingly worse value for money.
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