The lender has become the latest to reduce its mortgage rates, lowering some of its five-year fixed rate deals by as much as 0.2%.

This means five-year fixes now start from 2.49% for borrowers with a 30% deposit. However, this product comes with a £1,499 fee.

Both two- and three-year fixes have also been reduced. Rates now include a two-year fix at 1.54%, available up to 75% loan-to-value, and a 1.89% three-year fix at 60% LTV. These products also come with a £1,499 fee.

The Co-op Bank offers free legals for remortgage customers and £250 cashback for customers who also hold one of its current account products.

Stuart Beattie, head of mortgages at the Co-operative Bank, said the new product range gave borrowers across the market more options.

“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,” he said.

Co-operative Bank new fixed rate mortgages:

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