FTAdviser.com

Advertising

Lendeer says...

The Co-operative Bank has cut the rates on its three and five-year fixed rate mortgages but up to 0.7 per cent.

The three-year fixed rate has been reduced from 7.09 per cent to 6.79 per cent while the five-year fixed rate has been reduced from 6.89 per cent to 6.19 per cent.

The three-year fixed rate has no fee and an early repayment charge of 3 per cent within the fixed rate period.

The five-year product has an application fee of £899 and an early repayment charge of 5 per cent in the first year, 4 per cent in the second, 3 per cent in the third, 2 per cent in the fourth and 1 per cent in the final year.

Both are available up to 75 per cent loan-to-value.

Adviser says...

Ronan Marrion, a mortgage adviser for Truro-based Worldwide Financial Planning Limited, said: "Although Co-op reducing their rates is welcomed by all they will still face some very stiff competition as shown by the other products already on the market."

Rating: 3/5 stars