A five star product from the Co-operative Bank

Today sees the launch of a new two year discounted tracker rate mortgage from the Co-operative Bank, taking the market by storm and shooting straight to the top position in the Moneyfacts.co.uk best buy charts. With a rate of 5.29% it is 0.34% lower than our existing best buy from Giraffe at 5.63%. A flat fee of £999 and maximum LTV of 95% should appeal to a wide audience. Those borrowing up to 95% loan to value, mostly first-time buyers, will also appreciate that no higher lending fee is charged.

Julia Harris, Mortgage Expert at Moneyfacts.co.uk commented: This is an extremely competitive product. In a time when we are predicting an increase in demand for variable rates, with base rate almost certain to remain on hold or most likely fall in the forthcoming months, I suspect this product will be a popular choice. Offering a very low rate compared with its peers, but still maintaining a reasonable fee, this deal really comes up trumps.

“A thumbs up from Moneyfacts.co.uk; this is truly a five star product in what is an incredibly competitive market.”