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Co-op launches 2.79% five-year fix – product round-up

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  • 20/11/2012
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Co-op launches 2.79% five-year fix – product round-up
Co-operative Bank has made changes to its mortgage range in the run up to Christmas to include a 2.79% five-year fix and is offering fee-free loans.

The Co-op’s new fixed rate deal comes with fees of £999 and is available on mortgages up to 60% LTV. A number of other fixed-rate deals have also been reduced, with a fee-free mortgage available at 3.39% up to 75% LTV, a reduction of 0.6% on its previous rate.

The new range of mortgages will be available direct only from Friday 23rd November.

Michael Ossei, personal finance expert at uSwitch.com, said: “The latest addition to Co-op’s mortgage range could prove a hit for homeowners looking to lock-in and secure an attractive rate.

“With an arrangement fee of just £999 and a low rate of 2.79%, this new mortgage will offer peace of mind although some may still view the fee as a hefty price tag.”

James Hillon, Co-op’s head of mortgages, added: “We’re also increasing our support for first-time buyers through the Funding for Lending Scheme by extending our market leading 90% LTV mortgage to those buying with friends via Share to Buy. In addition, customers who are able to find a 15% deposit will now also benefit from reduced rates.”

Barclays has also cut its fixed-rate products for buy-to-let borrowers by up to 1.10%, a move it says will encourage more landlords to take the greater security of a fixed deal.

The bank has launched a two-year fix at 4.19%, down on its previous rate of 5.29%, available up to 75% LTV. For borrowers with a 40% deposit, rates are available at 3.69%.

Andy Gray, managing director of Mortgages at Barclays, said: “We know that two year fixed rates requiring a 25% deposit have been proving immensely popular with investors and landlords looking for certainty with their mortgage repayments.

“We’ve slashed the rate for these borrowers with a smaller deposit, making it the best deal we’ve offered at 75% LTV since we launched in November last year. These new products will help customers to save money and make investment in the buy-to-let market more affordable.

“The buy-to-let mortgage market has continued to grow over recent years and is fiercely competitive so we expect that these rates cuts will be welcomed by landlords.”

Elsewhere, Select & Protect has announced a partnership with specialist broker Miles Smith to provide High Net Worth (HNW) insurance.

The firm said brokers working with HNW clients will now have access to a single policy to cover all a client’s needs.

Bruce Reid, managing director of Select & Protect, commented: “For Intermediaries working with High Net Worth customers they already tend to be able to meet their financial or investment requirements.

“However, when it comes to insuring the assets of their customers, the products at their disposal tend not to enjoy the levels of cover or exclusivity that is required. That is where Select & Protect’s new partnership with Miles Smith can help. “

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