Britannia, operating under the Co-operative Bank, offers various mortgage products tailored to meet different customer needs. Following recent changes in the Bank of England’s base rate, which increased from 5.00% to 5.25% on August 3, 2023, Britannia’s mortgage rates have been adjusted accordingly. For those with Tracker mortgages, the rate will rise and fall in line with the Bank of England base rate. On the other hand, Standard Variable Rate mortgages, while not directly linked to the base rate, may still experience changes if the base rate changes. Fixed-rate mortgages, however, will maintain the same interest rate and monthly payments until the end of the fixed-rate period.
Britannia offers a range of mortgage options including fixed-rate, variable-rate, tracker, and remortgages. Fixed-rate mortgages provide certainty over payments for a period of 2, 3, or 5 years. Variable-rate mortgages have rates that can change at any time, whereas tracker mortgages follow the Bank of England’s rate. For remortgages, borrowers need sufficient equity in their homes and must meet affordability requirements.
For existing mortgage customers, Britannia provides support and options like switching deals, borrowing more funds, moving home, and creating energy improvement plans. There are also calculators available for customers to assess new deals or the impact of overpayments on their mortgages. Additionally, in line with the Government’s new Mortgage Charter, support is available for those struggling with repayments.
Britannia’s offerings also cater to first-time buyers, with potential access to government schemes like Lifetime ISAs, Help to Buy ISAs, and equity loans, among others. These schemes can assist in increasing the mortgage deposit or reducing the total cost of property purchase. As for the lender’s reputation, while individual experiences may vary, there is no specific information suggesting that Britannia is an unfavorable mortgage lender.
Moreover, Britannia provides options for different borrower needs, including those with bad credit, first-time buyers, and those seeking buy-to-let or interest-only mortgages. There are competitive rates available, starting from as low as 4.83%, with different borrowing and property value options to suit various customer requirements.
Overall, Britannia appears to offer a comprehensive range of mortgage products and services, with a focus on flexibility and customer support.
