The products, all three-year offers, include a parental guarantor mortgage, a 100 per cent deal and a graduate mortgage while the introduction of a telephone service will ensure the customer will be directed to a specialist team with a set contact for their mortgage application.
Co-operative’s three-year fixed rate mortgages operate from 4.64 per cent with no deposit and the graduate products are available at 5.04 per cent. Its three-year discount mortgages start from 4.74 per cent with a 95 per cent LTV. Its 100 per cent discount deals have a rate of 5.14 per cent. All Co-operative Bank’s first-time buyer products include a free basic valuation.
David Newman, director of marketing management at The Co-operative Bank, said: “Buying a home for the first time is a frightening prospect for a lot of people and, as such, we appreciate the need to offer ongoing help and guidance throughout the process.”
Jock Cassidy, managing director of Ashley Law, welcomed any incentive that would bring back the first-time buyer. He said: “Any initiative that attempts to entice the first-time buyer is going to be favourable. The rates seem reasonably competitive but two-year fixed rates to me are more attractive and consistent with how long the first-time buyer usually stays in their first property.”
The Co-operative Bank has also made a buyer guide available to download and has announced its intentions to develop other specific products and services aimed at the first-time buyer during the coming months.
