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.