Co-op Bank Lowers Rates On Mortgages

From today (30 September, 2016), The Co-operative Bank will be reducing some mortgage rates by up to 0.40 per cent, offering more competitive mortgage options for those looking to remortgage, or buy a home for the first time.

The biggest reductions include:

• 0.15 per cent reduction on 2 year fixed rate mortgages at 75 per cent and 90 per cent Loan to Value (LTV), with no product fee;
• 0.25 per cent reduction on 3 year fixed rate mortgages, 90 per cent LTV, £0 and £999 product fees;
• 0.40 per cent reduction on 5 year fixed rate mortgages, 90 per cent LTV, with no product fee.

Highlights of the Co-op Bank mortgage range includes:

• A two year fixed rate mortgage, 90 per cent LTV, £1,499 fee product at 1.94 per cent;
• A five year fixed rate mortgage, 80 per cent LTV, £1,499 fee product at 2.34 per cent;
• A five year fixed rate mortgage, 70 per cent LTV, £0 fee, at 2.39 per cent.

 Stuart Beattie, Head of Mortgages, said: “We want to continue to offer great mortgage options for those looking to buy a home for the first time, and also give remortgaging homeowners the opportunity to secure a great deal, at a lower rate, bringing down the cost of their monthly repayments.

“Every penny counts as we move towards an expensive time of the year for most households, and reducing the amount being paid out on a mortgage each month can be extremely fruitful, with home loan repayments often people’s biggest outgoing.”