Co-operative Bank launches new mortgage

The Co-operative Bank has launched a new three-year mortgage deal this week.

Launched on Monday, the tracker product is available for the bank''s current account customers and features no application, exit or chaps fees.

Early repayment charges apply on the deal for the first three years, while borrowers are also given flexibility to make overpayments, underpayments or take a payment holiday when paying back the loan.

The current rate of the mortgage is 5.99 per cent.

John Barker, head of mortgages at the Co-operative Bank, said: "In the current economic climate, this new mortgage rewards our current account customers with a market leading rate and the added benefit of no application fees."

The principal consultant of banking for research company Defaqto, David Black, recently urged borrowers to be quick to take advantage of good deals in the mortgage market.

He stated that speed is "of the essence" for customers, as the best products are not "staying on the shelf for very long".

back