Cooperative Bank: New 5.29% tracker mortgage

Thursday, 25 October 2007 12:00

The Cooperative Bank has launched a new two-year tracker mortgage.

The deal is at 0.46 per cent below the Bank of England base rate, currently 5.29 per cent (overall cost 7.5 per cent for comparison) and has an application fee of £999.

The maximum loan-to-value is 95 per cent and there are no higher lending charges.

Overpayment and underpayment options are available and there are no standard legal and basic valuation fees for remortgages.

The maximum loan size is £500,000.

Early repayment charges of three per cent apply for the first two years.

John Barker, head of mortgages at Co-operative Financial Services, said: "Customers taking out this new mortgage will not only benefit from a very competitive rate, but will also have the reassurance that the rate will remain under the base rate for the initial period of the loan."

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