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11 September 2015

The Co-operative Bank reduces mortgage rates by up to 0.20 percent

The Co-operative Bank has reduced rates across a range of fixed rate mortgages, with its five year fixed rate reducing by up to 0.20 percent.

In addition, two year fixed rates have reduced by up to 0.15 percent and three year fixed rate mortgages have reduced by up to 0.10 percent.

Highlights include five year fixed rates now starting from 2.49 percent at 70 percent Loan-to-Value (LTV) and two year fixed rates starting from 1.54 percent at 75 percent LTV. Both rates come with a £1,499 fee.

Three year fixed rates now start from 1.89 percent at 60 percent LTV, also with a £1,499 fee.

Stuart Beattie, Head of Mortgages said: “By reducing rates on a range of two, three and five year fixed rate mortgages, we maintain our commitment to offer competitively priced products to customers at all stages of the home buying process. Whether they are first-time buyers, home movers or simply looking to remortgage, we have something to suit everyone.”

 

New fixed rate mortgages at a glance:

 

2 year fixed rates reduced by up to 0.15%:

  • £1,499 fee option starts from 1.54% (4.3% APR) at 75% LTV
  • £999 fee option starts from 1.74% (4.3% APR) at 75% LTV
  • £0 fee option starts from 2.54% (4.4% APR) at 75% LTV

 

3 year fixed rates reduced by up to 0.10%:

  • £1,499 fee option starts from 1.89% (4.2% APR) at 60% LTV
  • £999 fee option starts from 2.09% (4.2% APR) at 60% LTV
  • £0 fee option starts from 2.94% (4.4% APR) at 60% LTV

 

5 year fixed rates reduced by up to 0.20%:

  • £1,499 fee option starts from 2.49% (4.0% APR) at 70% LTV
  • £999 fee option starts from 2.59% (4.0% APR) at 70% LTV
  • £0 fee option starts from 3.09% (4.2% APR) at 70% LTV

 

Other features available include free legals for remortgagers1 and £250 cashback for existing Co-operative Bank current account customers2. Rates have also been reduced on higher LTV bands. At the end of the fixed rate period all products revert to the Bank’s Standard Variable Rate (SVR), which is currently 4.74 percent.

For full details of the The Co-operative Bank mortgage range please visit co-operativebank.co.uk/mortgages.

ENDS

For further information contact The Co-operative Bank Press Office.

 

Notes to editors:

About The Co-operative Bank

The Co-operative Bank plc provides a full range of banking products and services to almost 5 million retail and SME (Small and Medium Sized Enterprises) customers. The Bank is committed to values and ethics in line with the principles of the co-operative movement.

Footnotes:

1. Free legals/conveyancing relates to the initial valuation and legals only (any subsequent conveyancing fees are met by the customer) and on the condition that this service is provided by one of the Bank’s chosen conveyancers who will act entirely on behalf of the Co-operative Bank. This service will exclude non-standard disbursements i.e. telegraph transfer fee to repay the existing lender, postponement of other secured loans and any additional work not associated with a standard remortgage such as transfer of equity. The Co-operative Bank will also meet the cost of obtaining a single standard valuation using one of the Bank’s chosen surveyors, and in certain circumstances the Bank may choose to use an automated method to ascertain the value of the property, subject to certain terms and conditions. More details can be found on www.coopbank.co.uk/mortgages/new-mortgage-rates

2. Cashback offer available on house purchases and remortgages to new mortgage customers only who don’t already hold a Co-operative Bank or Britannia mortgage. Customers must hold a standard current account, standard current account plus, privilege or privilege premier current account, smile current account or smile more account for a minimum of 3 months and the mortgage must be paid by direct debit from a Co-operative Bank account. The £250 is paid directly to the solicitor on completion of mortgage. Depending on the method they choose to have any surplus funds paid to them, there may be a charge by the solicitor.

 

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE