Co-operative Bank and Britannia mortgage 'a boost for first-time buyers'

Date:Friday 19th November 2010
Author: Max Freedman

First-time buyers are sure to appreciate the recent interest rate cut on a Co-operative Bank and Britannia mortgage, a source from the company has claimed.

James Hillon, head of mortgages at Co-operative Financial Services, noted that the current economic climate is making it difficult for people to get on to the property ladder.

In his view, the decision to cut the interest rate on a 90 per cent loan-to-value Co-operative Bank and Britannia mortgage from 6.09 per cent to 5.69 per cent will provide a "welcome boost" for such consumers.

"Customers who want to take out one of these mortgages will also have the additional flexibility of a range of direct channels, including internet, telephone and branch," Mr Hillon added.

The new interest rate is available from today (November 19th).

This month, the Co-operative's intermediary lender Platform announced the launch of several new buy-to-let products on fixed and tracker rates starting from 3.49 per cent.