As part of the bank's commitment to lend up to £360 million to first time buyers in 2012, the new products are available from March 23rd exclusively to those buying their first home with just a 10% deposit.
The product range includes both fixed rate and lifetime tracker options with rates starting at 4.59%. The mortgages also have no arrangement fees and include a free standard valuation saving first time buyers £1,249.
James Hillon, Head of Mortgages at The Co-operative Bank said:
"We're committed to increasing our lending to first time buyers this year and are backing up that promise with a new product range to help those who may have just missed out on the stamp duty holiday.
"Buying your first home is a milestone but the reality of finding the money for stamp duty on top of a deposit will delay many first time buyers from making this step. We want to encourage home ownership wherever possible by introducing affordable options for those looking to buy."
Full product details are as follows:
- Product: First Time Buyer Lifetime tracker
New Rate: 4.59% variable
Fee: No fee
LTV: 90%
- Product: First Time Buyer 3 year fixed rate
New Rate: 4.69%
Fee: No fee
LTV: 90%
