From Friday customers will be able to organise their finances for 2013 by locking into the bank's market leading rates which now include a 5 year fix at 2.79% for 60% LTV. In addition, the Co-operative Bank has launched a wider range of reduced rates specifically suitable for first-time buyers borrowing at 90% and 85% LTV.
Following high levels of demand for the bank's new 90% LTV 2 year fixed rate mortgage at 3.99%, the Co-operative has now extended this rate to its Share to Buy mortgage. This enables borrowers to get on the property ladder by taking out a mortgage jointly with friends, a partner or relatives.
As part of its pledge to increase mortgage availability and to support the first-time buyer market, the bank has committed to holding these rates until the end of the year. In addition, from January 2013, members holding a mortgage with the Co-operative will also have the opportunity to benefit from the bank's re-launched membership scheme.
James Hillon, Head of Mortgages at The Co-operative Bank said:
"With the Christmas rush upon us and a new year fast approaching it's a good time to review your finances and to look at ways to cut down on outgoings in 2013. We're determined to give customers a helping hand and at a time when the average mortgage arrangement fee is over £1400, we're offering fee-free mortgages across all LTV's, in addition to a wide range of market leading rates."
"We're also increasing our support for first-time buyers through the Funding for Lending Scheme by extending our market leading 90% LTV mortgage to those buying with friends via Share to Buy. In addition, customers who are able to find a 15% deposit will now also benefit from reduced rates."
