The Co-op cuts rates and fees across five-year fixed mortgage range

The Co-operative Bank is again lowering rates on its five-year fixed mortgages by up to 0.9% (90 basis points.)

The Bank is also rewarding existing current account customers by removing the £999 arrangement fee on its exclusive five-year fixed product.

From tomorrow (November 10), interest rates on the five-year fixed mortgage range will be cut. As a result, customers with a 25% deposit can now receive a best buy rate of 3.39%, a reduction of 0.8% (80 basis points). This follows a re-launch of the fixed rate mortgage range last month (October 14), which saw rates cut by up to 0.6% (60 bps).

The Co-operative Bank is also offering a fee-free option at 3.39% for current account customers. The £999 arrangement fee has been removed entirely for existing customers, meaning those with a 25% deposit and a qualifying current account have access to a market-leading rate of 3.39% fee-free.

James Hillon, Head of Mortgages at The Co-operative Bank comments: "With rising living costs leaving many families with less cash to spare each month, our five-year fix products offer a great option for those wanting to the re-assurance of set monthly repayments.

"We're also offering a helping hand by offering a range of fee-free options to customers looking for a fixed deal and have continued to cut rates for those with lower deposits," he added.