Co-operative Bank will be making significant rate reductions of up to 0.47% as of tomorrow, Wednesday 18th October.
The changes include a 2-year fixed rate with £999 fee up to 60% loan-to-value (LTV) at 5.10%, a 3-year fixed rate with £999 fee up to 60% LTV at 5.09% and a 5-year fixed rate with £999 fee up to 60% LTV at 4.92%.
For large loans, with a £650,000 minimum, new rates include a 2-year fixed rate with £1,999 fee up to 60% LTV at 5.04% and a 5-year fixed rate with £1,999 fee up to 60% LTV at 4.86%.
All of the products include free basic valuation, free basic legals for remortgage (excludes unencumbered properties) and £250 cashback.
Nicholas Mendes, mortgage technical manager at John Charcol, said: “It is fantastic to see the Co-operative Bank make significant rate reductions in their recent repricing.
“This adds their name to the small party of lenders offering rates starting with a 4%.
“With a new lender in the mix, hopefully this will add some more competition between them.”
