Co-op unveils 3-year tracker mortgage
A three-year tracker mortgage which currently has an interest rate of 2.39 per cent has been launched by the Co-operative Bank.
Loans of up to 75 per cent of a property's value can be provided through the new product which has a £995 application fee.
The interest rate is calculated as the Bank of England base rate plus 1.89 per cent. With the base rate currently at 0.5 per cent, new customers signing up today would initially pay 2.39 per cent.
However, as a tracker product this rate would change as the base rate goes up or down.
As an additional feature, the mortgage includes an annual donation to charity Climate Care, which helps tackle global warming.
Terry Jordan, head of mortgages at the Co-op, said: "All of the Co-operative Bank mortgages form a part of our range of green mortgages and as a result customers can benefit from a number of positive environmental features, which include an annual donation to Climate Care."
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