New best 5 year fixed mortgage rates from the Co-operative Bank

The Co-operative have launched a new range which include its best 5 year fixed mortgage rates. There are also various options for first-time buyers and those wanting to re-mortgage. Their new fixed rate mortgage products range from 75 per cent to 90 per cent loan-to-value with some fee-free options also available to customers.

James Hillon who is the head of mortgages at the Co-operative bank has said that the bank has seen lenders pushing up mortgage rates in reaction to the Eurozone crisis. He added that the Co-operative are committed to bucking this current trend with such deals as their best 5 year fixed mortgage rates. He advised the lender is trying to encourage movement in the housing market through the varied LTV and fee free options across their product range.

The lender has reduced its 2 year fixed rate mortgages for 85 per cent LTV, these new rates are 3.79 per cent and 3.99 per cent with £999 and zero fees respectively. Its 3 year fixed rate mortgages have seen reductions, there are three new deals with £999 fees at 3.99, 4.89 and 3.89 per cent with 75, 85 and 90 LTVs respectively. The bank has offered fee-free rates of 3.89, 4.29 and 5.09 per cent in the range with 75, 85 and 90 LTVs respectively.

The lender is also offering four new 5 year fixed mortgage rates at 5.09, 4.49, 5.39 and 4.19 per cent. The 5.39 per cent deal is offered at 90 per cent LTV, while the 4.19 per cent rate deal is available only to current account holders at 85 per cent LTV. Products at 90 per cent are available to house purchase customers only.