These changes were introduced on Monday 27th April 2009. Details are as follows:
3 Year Discount
Existing product replaced with new rate 3.24 per cent (SVR-1.00 per cent) variable
4.2 per cent APR and a maximum 75 per cent LTV
£995 Application Fee
Free legal and valuation cost for remortgage
3 Year Fixed Rate – Guarantor
Available to first time buyers
5.99 per cent 3yr Fixed Rate
4.6 per cent APR and a maximum 85 per cent LTV
£0 application fee
Free basic valuation
Terry Jordan, head of mortgages at The Co-operative Bank, commented: “We recognise that in the current economic climate many people are struggling and we remain fully committed to providing affordable mortgages. With base interest rates reaching an historic low and rates across the industry falling, these new mortgages offer a wide range of customers the chance to get a mortgage that suits their lifestyle and financial situation.”
These products 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.
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