13 Jan

New fixed-rate mortgage product to be launched

New fixed-rate mortgage product to be launched

A new five-year, fixed-rate mortgage product is to be launched tomorrow (January 14th) by the Co-operative Bank.

Offered with a loan-to-value of up to 60 per cent, the deal has a 4.49 per cent interest rate and comes with an arrangement fee of £1,495.

Features of the product include the ability to underpay, overpay or take payment holidays, enabling customers to act flexibly according to their financial circumstances.

Head of mortgages at the bank Terry Jordan said that those who took up the offer would be able to enjoy "peace of mind" over the next five years.

Lloyds TSB and its subsidiary Cheltenham & Gloucester have also announced new fixed-rate deals this week.

These include trimming existing rates by 0.2 per cent, in addition to which a new tracker product will be launched, with interest rates starting at 3.39 per cent.

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