Compelo Banking - Latest industry news and analysis is using cookies

We use them to give you the best experience. If you continue using our website, we'll assume that you are happy to receive all cookies on this website.

ContinueLearn More

Co-operative Bank launches new tracker mortgage

The Co-operative Bank has launched a new two-year tracker rate mortgage, which guarantees to track the Bank of England base rate, currently 5.75%, minus 0.46% for the initial period of the loan.

The new mortgage product will offer overall value to all borrowers whether buying for the first time, moving home or simply re-mortgaging from another lender. The bank is charging GBP999 as application fee for the new mortgage. Borrowers choosing to re-mortgage will also benefit from free legal and valuation fees.

John Barker, head of mortgages at Co-operative Financial Services, said: Customers taking out this new mortgage will not only benefit from a very competitive rate, but will also have the reassurance that the rate will remain under the Base Rate for the initial period of the loan.