The Co-operative Bank has launched a competitive range of mortgages, including low rate two- and five-year fixed deals for those who need to borrow up to 90% of the property’s value (known as 90% loan to value)

Borrowers with just a 10% deposit can now access a two-year fixed rate mortgage at 2.24% and a five-year fixed rate mortgage at 3.34%, both with a £1,499 fee.

There is also a fee-free, two-year fixed rate option available at 2.99%.

The mortgage rate reductions form part of The Co-operative Bank’s commitment to first-time buyers, with nine out of 10 who complete pre-application checks being approved by the Bank.

The lender has also introduced a new three-year fixed rate at 1.79%, for those with larger equity stakes of at least 40% who are looking to remortgage. This deal comes with a £1,499 fee.

Stuart Beattie, head of mortgages at The Co-operative Bank, said: “We continually review 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.”