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Co-op takes two-year fixes to new low

The Co-operative bank has launched the UK's lowest ever two-year fixed-rate mortgage rate at just 1.09%.

The loan, available up to 60% LTV, is open to new and existing borrowers and has an arrangement fee of £1,499.

This latest record-breaking deal comes quick on the heels of the UK's first sub-2% five-year fixed rate, launched by HSBC last month. It suggests the first sub-1% two-year fix isn't far away.

Stuart Beattie, head of mortgages at The Co-operative Bank, said: “With rates at record lows, it's a great time for customers to consider taking out a fixed rate product.  

“We are delighted to offer the UK’s lowest ever two-year fixed rate mortgage, which is ideal for borrowers with larger deposits.

“It complements our existing range of mortgage deals, designed to suit the needs of different borrowers.”

Charlotte Nelson at Moneyfacts added: “At 1.09%, this two-year fixed rate mortgage is the lowest ever on our records.

“With rates hitting all-time lows, there is no better time for borrowers to fix their mortgage and secure low monthly payments for a significant period.”

The Co-operative Bank has also launched its lowest ever 90% fixed rate mortgage deal, fixed at 2.64% to 30 June 2017.

And it has launched a three-year fixed rate at 1.89% for loans up to 60% LTV. These deals also come with a £1,499 arrangement fee and are available to new and existing borrowers.


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