The Co-operative Bank reduces mortgage rates by up to 0.20 per cent

The Co-operative Bank has reduced rates across a range of fixed rate mortgages, with its five year fixed rate reducing by up to 0.20 per cent.

In addition, two year fixed rates have reduced by up to 0.15 per cent and three year fixed rate mortgages have reduced by up to 0.10 per cent.

Highlights include five year fixed rates now starting from 2.49 per cent at 70 per cent Loan-to-Value (LTV) and two year fixed rates starting from 1.54 per cent at 75 per cent LTV. Both rates come with a £1,499 fee.

Three year fixed rates now start from 1.89 per cent at 60 per cent LTV, also with a £1,499 fee.

Stuart Beattie, Head of Mortgages said: “By reducing rates on a range of two, three and five year fixed rate mortgages, we maintain our commitment to offer competitively priced products to customers at all stages of the home buying process. Whether they are first-time buyers, home movers or simply looking to remortgage, we have something to suit everyone.”

New fixed rate mortgages at a glance:

2 year fixed rates reduced by up to 0.15%:

£1,499 fee option starts from 1.54% (4.3% APR) at 75% LTV

£999 fee option starts from 1.74% (4.3% APR) at 75% LTV

£0 fee option starts from 2.54% (4.4% APR) at 75% LTV

3 year fixed rates reduced by up to 0.10%:

£1,499 fee option starts from 1.89% (4.2% APR) at 60% LTV

£999 fee option starts from 2.09% (4.2% APR) at 60% LTV

£0 fee option starts from 2.94% (4.4% APR) at 60% LTV

5 year fixed rates reduced by up to 0.20%:

£1,499 fee option starts from 2.49% (4.0% APR) at 70% LTV

£999 fee option starts from 2.59% (4.0% APR) at 70% LTV

£0 fee option starts from 3.09% (4.2% APR) at 70% LTV

Other features available include free legals for remortgagers and £250 cashback for existing Co-operative Bank current account customers. Rates have also been reduced on higher LTV bands. At the end of the fixed rate period all products revert to the Bank’s Standard Variable Rate (SVR), which is currently 4.74 per cent.