Co-operative mortgage 'a boost for first-time buyers'

Date:Friday 24th September 2010
Author: Susanna Kavka

A new Co-operative mortgage product could be a "welcome boost" for first-time buyers, according to a representative from the organisation.

Commenting on the two-year fixed-rate arrangement, which is available at up to 90 per cent loan to value, head of mortgages James Hillon suggested the 5.09 per cent interest rate is not the only way applicants could benefit from the deal.

He suggested they will also be able to enjoy the high standard of customer service offered by the firm, which is available on the phone, online or in branches.

"Customers who want to take out one of these mortgages will ... have the additional flexibility of a range of direct channels," Mr Hillon said.

The two-year fixed-rate Co-operative mortgage involves an application fee of £999 and was launched yesterday (Thursday September 23rd).

Last month, the same firm announced that it - along with Britannia - has enjoyed an increase of 31 per cent in the number of like-for-like mortgage applications received over the first six months this year.