The bank will charge a fee of GBP999 for the new product. The new product will offer value to all borrowers whether they are buying for the first time, moving home or simply remortgaging from another lender. Furthermore borrowers who are remortgaging will also benefit from free legal and valuation fees.
The Co-operative Bank does not impose costly higher lending charges. Such charges, which are imposed by other lenders, can potentially cost consumers up to an additional GBP2,000 when buying a home.
John Barker, head of mortgages at Co-operative Financial Services, said: This new mortgage offers customers a very competitive rate, whilst at the same time providing them with reassurance that the rate will remain fixed at this level for the first two years.
