Effective from tomorrow (Friday 8th December), The Co-operative Bank for Intermediaries has made a number of rate reductions on its mainstream residential mortgage range.
The lender’s large loan product – for loans greater than £650,000 – now has 2-year fixed rates from 4.85% and 5-year fixed rates from 4.68%.
This product has a £1,999 fee, free standard valuations, free basic legals and £250 cashback.
For standard loans, the Co-operative Bank now offers 2-year fixed rates at 5.05%, 3-year fixed rates at 5.04%, and 5-year fixed rates at 4.83%, all up to 75% loan-to-value (LTV).
This product has a £999 fee, free standard valuation, free basic legals for remortgage, and £250 cashback.
The Co-operative Bank for Intermediaries recently increased its maximum loan amounts to: £600,000 to 95% LTV; £750,000 to 90% LTV; £1m to 85% LTV; £1.5m to 80% LTV; and 75% there above.
Nicholas Mendes, mortgage technical manager at John Charcol, said: “We’re seeing a flurry of lenders repricing as 5-year swaps crept below 4% for the first time in a while, markets are riding a wave of optimism and confidence despite recent warnings from the governor and MPC members feeling otherwise.
“This hasn’t stopped the lenders though, [with] last-minute repricing from a raft of lenders, and now the Co-operative Bank takes centre stage.”
