The lender offers the 1.24% rate for borrowers with a 40% deposit and is fixed for two-years. This deal comes with a £1,499 fee.

A deal with a lower fee of £999 is on offer at a higher rate of 1.39%.

For those with smaller deposits a two-year fix at 90% loan-to-value is on offer at 3.49% while an 85% loan-to-value deal is available at 2.39%.

These products are only available through mortgage brokers and not direct from the Co-op.

The lender has also raised some rates in its range. However, Platform has raised its 60% loan-to-value five-year products to 2.29% with a £1,499 fee and 2.39% with a £999 fee.

Stuart Beattie, head of mortgages at Platform, said the changes would attract more borrowers.

“Our latest round of rate reductions maintains our commitment to support the intermediary market by offering competitive mortgage products,” he said.

“Our new range should have something for all borrowers whatever their budget, with market leading deals available for borrowers with large or small deposits, and a wide range of fee and fee-free options to choose from.”