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Co-op Bank lowers fixed rate mortgages
The Co-operative Bank has cut the rate on a number of its fixed rate mortgage products.
The lender said it hoped the price cuts would encourage more customers to remortgage to products in its range.
Co-op Bank said these were among the cheapest rates it had ever offered.
The new two-, three- and five-year products are available to first-time buyers, remortgagors and house purchase customers.
Products include:
Two-year fixed rate at 1.24%, up to 60% loan-to-value
Three-year fixed rate at 1.88%, up to 60% loan-to-value
Five-year fixed rate at 2.24%, up to 60% loan-to-value
Two-year fixed rate at 2.69%, up to 90% loan-to-value
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All four products come with a product fee of £1,499 and free standard valuations for purchase and remortgage customers. Each mortgage reverts to a rate of 4.74% at the end of the fixed period.
Stuart Beattie, head of mortgages at Co-operative Bank, said: “These rates are amongst the lowest we have ever offered so it’s a great time for customers to consider fixing.”