Co-op Bank launch best fixed mortgage product for lifetime trackers.

Last week the Co-operative launched a new range of the best fixed mortgage lifetime trackers. Their new lifetime trackers are for deals of 75 per cent loan to value and for this new product the lender is offering a low rate of 2.79 per cent. There is also an alternative option for 85 per cent loan to value which is being offered at 3.79 per cent.

The bank has advised that it is doing everything it can to encourage upward movement in the property market and therefore, the bank plans to offer fixed mortgage rates on a range of other products. Lifetime tracker deals offered for current account customers will be re-priced along with other deals in their fixed mortgage product range.

The lenders is offering reductions on its 85 per cent loan to value mortgage deals which includes a 0.3 per cent reduction on its 3 year fixed rate mortgage now being offered at a low 3.69 per cent, a 0.2 per cent reduction will also be made to their 5 year fixed rate mortgage which is now offered at 3.99 per cent.

James Hillon who is the head of mortgages at the Co-operative commented on the deal saying that the lender's low rate fixed deals are very popular with borrowers and while a BOE base rate rise looking unlikely, the bank wanted to help customers through offering the very best fixed rate mortgage lifetime trackers. The lender's newly introduced mortgages are to be made be available through both the Britannia and Co-operative Bank.