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Co-operative Bank pulls sub-four per cent mortgage; Coventry BS cuts rates – round-up

  • 12/01/2024
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Co-operative Bank pulls sub-four per cent mortgage; Coventry BS cuts rates – round-up
The Co-operative Bank has withdrawn a mortgage with a rate below four per cent due to increased demand.

The Co-operative Bank brought out a deal with a rate of 3.89 per cent this week. This was a five-year fix at 60 per cent loan to value (LTV) with a £999 fee and this has since been removed. 

It has also pulled select two, three and five-year fixed rates. 

A spokesperson for The Co-operative Bank said: “We continuously review our product range and as a result of increased demand we have today made the decision to temporarily withdraw the majority of our fixed rate products for new business in order to allow our teams to work through existing applications.

“Product switches for existing customers will continue to be serviced. For full details of these changes please visit our website.” 

The lender is still offering deals with rates below four per cent, but these are open to large loan borrowers requiring mortgages of £750,000 or more and are subject to a £1,999 fee. 


Coventry BS 

Coventry Building Society has reduced the majority of its fixed rates, including reductions of up to 0.2 per cent for residential deals and 0.22 per cent for buy-to-let products. 

This includes a five-year fixed residential remortgage at 65 per cent LTV with a £999 fee, which has a rate of 4.29 per cent. This has a £350 cashback option or the use of the mutual’s remortgage transfer service. 

At the same tier, there is a buy-to-let remortgage with a £1,999 fee and a rate of 4.44 per cent. This comes with equivalent incentives to the residential offering. 

Jonathan Stinton, head of intermediary relationships at Coventry Building Society, said: “The market is moving quickly, and we’re keen to return value to borrowers wherever we can. This makes it a great time for brokers to reconnect with their clients and help them find the best product available.” 

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