Fixed until 28 February 2010, the product is available up to 95 per cent LTV with a fee of £999. Typical of lenders currently adding to their product offering, it benefits from free standard legal and basic valuation fees for remortgages. Borrowers can also over or under-pay on their loan.
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.”
This new product is part of The Co-operative Bank’s range of green mortgages and as a result customers taking out this mortgage can benefit from a number of positive environmental features.
For the duration of the mortgage, the Co-operative Bank will make an annual donation to Climate Care to help tackle global warming - enabling the Co-op to offset around one quarter of an average home’s carbon dioxide emissions each year for the lifetime of the mortgage.
