Co-operative fixed mortgage rates cut

Date:Tuesday 9th February 2010
Author: Max Freedman

Consumers considering Co-operative fixed-rate mortgages now have an added incentive, as the firm has announced that it is to cut the rates on its products.

The financial services institution picked out its ten-year fixed-rate product as offering a market-leading 5.49 per cent on a loan-to-value (LTV) of 75 per cent with no fees, or a rate of 5.29 per cent with a £999 fee.

Alternatively, there are rates as low as 4.74 per cent and 4.39 per cent available on products with a 75 per cent LTV taken over five or three years respectively and including fees.

John Hughes, business leader for retail products at The Co-operative Financial Services, commented that the products offer a range of rates and fees which help consumers to make the best choice for them.

The trend for cutting rates on fixed-rate products has led to greater competition in the market, in the view of Ben Wilkie, editor of What Mortgage, who stated that it is good news overall for prospective buyers and remortgaging homeowners.