The Co-operative Bank relaunches market leading rates on two 90% LTV mortgages

13 November 2015

3 min read

The Co-operative Bank has launched a highly competitive range of mortgages, including low rate two year and five year fixed deals with 90 per cent Loan To Values (LTVs).

The two year fixed rate mortgage of 2.24 per cent with only 10 per cent deposit is available with a £1,499 fee and the five year fixed rate mortgage of 3.34 per cent, also with only 10 per cent deposit, is available with a £1,499 fee. Other changes include a 0.45 per cent rate reduction to the two year fixed rate mortgage at 90 per cent LTV, with the new rate of this fee-free deal at 2.99 per cent. In addition, a new three year fixed rate deal for those looking to re-mortgage is available at a rate of 1.79 per cent for 60 per cent LTV, with a £1,499 fee.

The mortgage rate reductions announced today illustrates The Co-operative Bank's continued commitment to first time buyers, with 9 out of 10 first time buyers who complete pre-application checks being approved by the Bank. In total, rates have been reduced across the range with more than 80 mortgage options for both new and existing borrowers with rates being reduced by between 0.05 and 0.45 per cent.

First time buyers can find out how much they can borrow online, by going into their local branch of The Co-operative Bank or by calling the contact centre, and a decision in principal can be achieved within 30 minutes.

Stuart Beattie, Head of Mortgages at The Co-operative Bank, said: “We our continually re-evaluating our mortgage products to ensure that we’re offering competitive rates to those looking to take a mortgage for the first time, moving home, or remortgaging.

“The new rates on our two year and five year fixed rate mortgages at 90 per cent LTV, proves our commitment to helping those looking to get their first foot on the property ladder with competitively priced products offering fee and fee-free options.

“We are also offering a range of competitive rates for customers wishing to move or remortgage.”

New market leading fixed rate mortgages at a glance:

Two year fixed rates:

  • Maximum 70 per cent LTV rate of 1.34 per cent with a £1,499 fee
  • Maximum 80 per cent LTV rate of 1.54 per cent with a £1,499 fee
  • Maximum 85 per cent LTV rate of 1.69 per cent with a £1,499 fee
  • Maximum 90 per cent LTV rate of 2.24 per cent with a £1,499 fee

 Three year fixed rates:

  • Maximum 60 per cent LTV rate of 1.79 per cent with a £1,499 fee
  • Maximum 70 per cent LTV rate of 1.94 per cent with a £1,499 fee

Five year fixed rates:

  • Maximum 70 per cent LTV rate of 2.39 per cent with a £1,499 fee
  • Maximum 90 per cent LTV rate of 3.34 per cent with a £1,499 fee

Other features of The Co-operative Bank's mortgages include: free valuations and legals for remortgagers1 and £250 cashback for existing Co-operative Bank current account customers.2 At the end of the fixed rate period all products revert to the Bank's Standard Variable Rate (SVR), which is currently 4.74 per cent. Customers will welcome extended opening hours enabling them to speak to an advisor from Monday to Friday 9am-8pm and Saturday 9am-5pm by calling 0800 234 6761.

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

ENDS

Notes to Editors:

About the Co-operative Bank

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

For further information please contact

Nicki Parry, Head of Media Relations

The Co-operative Bank Press Office

Tel: 07734 002 983

Email: nicki.parry@co-operativebank.co.uk

Twitter: @CooperativeBank

Contact

Corporate

Lesley McPherson, Director of Communications

Mobile:+44 (0) 7725 903 270

Email Lesley McPherson

Head of Media Relations

Nicki Parry

Mobile: 07734 002 983

Email Nicki Parry

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