The new mortgage will be available from Wednesday 14 January and details are as follows:
5 year fixed rate mortgage at 4.49% for LTV up to 60%
£1,495 application fee
Free standard legal and basic valuation fees for remortgages.
Early repayment charges apply for the first 5 years
Flexible features including the facility to make overpayments and underpayments and to take payment holidays for home purchases and remortgages
Green features include an annual donation to Climate Care to help tackle global warming
Terry Jordan, Head of Mortgages at The Co-operative Bank, comments: "We recognise that in the current economic climate many people are struggling and we remain committed to providing affordable mortgages. With base interest rates reaching an historic low and rates across the industry falling, this new mortgage offers customers the chance to fix in their mortgage payments at a low rate and have peace of mind that their payments will remain unchanged at this level for the next five years."
This product also forms 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. As houses are one of the largest sources of carbon dioxide emissions in the UK, the Bank's annual donation to Climate Care enables them to offset around one quarter of an average home's carbon dioxide emissions each year for the lifetime of the mortgage.
