Co-op launches market-leading five-year fixed mortgage
Thursday, 20 October 2011 11:31
The Co-operative Bank has launched a new five-year fixed mortgage deal exclusively for current account holders.
It offers a market-leading rate of 3.39 per cent for a loan-to-value (LTV) ratio of 75 per cent or 4.24 per cent for 85 per cent LTV.
The product is open to new and existing current account customers and incurs an application fee of £999.
According to the Co-operative, customers with a 25 per cent deposit could save up to £837 a year on their repayments with this product compared with equivalent deals from the five biggest banks in the UK.
James Hillon, head of mortgages at the bank, said many homeowners are looking for the security of a fixed-rate deal at a time when household budgets are being squeezed.
"Our new five-year fix rewards customers who are looking for that extra security, without the need for them to miss out on market leading rates," he remarked.
The move comes after the Co-operative re-launched its entire fixed-rate mortgage range last week, slashing rates by as much as 0.6 per cent.
Use the Myfinances.co.uk comparison tools to find the best deal on a new mortgage
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