Co-operative Bank slashes rates across its range

The Co-operative Bank has cut rates across its range of more than 80 mortgage options for both new and existing borrowers by between 0.05 and 0.45%.

It has also relaunched two competitive fixed rate mortgages for borrowers with a 10% deposit.

​The two-year fixed charges 2.24% and the five-year fix charges 3.34%, both with a £1,499 fee.

The Co-operative also a new three-year fix for those looking to re-mortgage charging 1.79% to 60% LTV, again with a £1,499 fee.

It also offers a new fee-free two-year fixed-rate charging 2.99% to 90% LTV, which has been cut by 0.45%.

The Co-operative said it remains committed to first-time buyers, with nine out of 10 who complete pre-application checks being approved.

First-time buyers can find out how much they can borrow online by going into their local branch of The Co-operative Bank or by calling the contact centre, and secure a decision in principal within 30 minutes.

Stuart Beattie, head of mortgages at The Co-operative Bank, said: “We continually re-evaluate 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 remortgage.

“The new rates on our two-year and five-year fixed rate mortgages at 90% LTV proves our commitment to helping those looking to get their first foot on the property ladder with competitively priced products offering fee and fee-free options.

“We are also offering a range of competitive rates for customers wishing to move or remortgage.”

Two-year fixed rates:

Maximum 70% LTV rate of 1.34% with a £1,499 fee

Maximum 80% LTV rate of 1.54% with a £1,499 fee

Maximum 85% LTV rate of 1.69% with a £1,499 fee

Maximum 90% LTV rate of 2.24% with a £1,499 fee

Three-year fixed rates:

Maximum 60% LTV rate of 1.79% with a £1,499 fee

Maximum 70% LTV rate of 1.94% with a £1,499 fee

Five-year fixed rates:

Maximum 70% LTV rate of 2.39% with a £1,499 fee

Maximum 90% LTV rate of 3.34% with a £1,499 fee

Other features of The Co-operative Bank’s mortgages include free valuations and legals for remortgagers and £250 cashback for existing current account customers2.

At the end of the fixed rate period all products revert to the Bank’s SVR which is currently 4.74%