MortgagesNov 20 2015

Launch pad: New LTV fixes from co-op

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Co-operative Bank has launched two-year and five-year fixed-rate loans with low rates for 90 per cent loan-to-values.

The two-year rate is 2.24 per cent and the five-year deal is 3.34 per cent. Both come with a £1,499 fee.

Stuart Beattie, Co-operative Bank’s head of mortgages, said: “The new rates on our two-year and five-year fixed-rate mortgages proves our commitment to helping those looking to get their first foot on the property ladder.”

● Free valuations and legal fees/conveyancing for remortgagers

● £250 cashback for existing Co-operative bank current account customers

● Fee or fee-free options

● Choice of two, three or five-year fixes

● Other changes include a cut of 0.45 per cent to 2.99 per cent for the lender’s two-year 90 per cent LTV fee-free mortgage, and a new three-year fixed-rate deal for those looking to re-mortgage at 1.79 per cent for 60 per cent LTV, with a £1,499 fee.

IFA verdict

Jane King, mortgage adviser of London-based independent mortgage broker Ash-Ridge Private Finance, said: “In both the two and five-year fixes, the rates are pretty good. The two-year rates are particularly keen, only being rivalled by the small mutuals such as the Marsden Building Society. The five-year fixes are more on a par with these providers.”