Co-op target customers wanting interest only mortgage rates.

Customers wanting interest only mortgage rates are to be targeted by the Co-operative Bank.

The Co-operative has announced that it is to waive interest only switching fees and will launch a major marketing campaign in an attempt to help those with interest only deals.

Interest only deals accounted for around a third of all mortgages approved prior to the credit crisis. FSA figures estimate around £120 billion interest-only mortgages will be due for repayment in the next ten years.

To help customers worried about their capital repayment, the Co-op are to waive fees for those who want to switch to a repayment deal or extend their mortgage term. For those who have an adequate repayment vehicle in place an interest only deal may be approved.

There are various lenders prepared to offer remortgage deals to help customers worried about their capital repayment at the end of their mortgage term.

Many may want to consider a competitive fixed rate mortgage deal through Deal Direct. There are various competitive products available to remortgage at the moment and we are well placed to source the most competitive rates on the UK market.

Fixed mortgage rates are a good option for switching as they ensure that monthly repayments will never rise and the capital sum will be cleared at the end of the term.

For impartial mortgage advice and lenders best mortgage rates contact Deal Direct who will search the entire UK mortgage market for the very best deal available.