The Co-operative Bank has today launched a new two-year mortgage at a fixed rate of 1.09 per cent, which is the UK’s lowest ever according to Moneyfacts.co.uk.
The new deal is fixed until 30 June 2017 for mortgages at up to 60 per cent loan-to-value (LTV). It is available to new and existing borrowers and comes with an arrangement fee of £1,499.
Another deal at 60 per cent LTV is a three-year fix at a rate of 1.89 per cent and a £1,499 fee.
For borrowers with smaller deposits, the Co-operative Bank has launched its lowest ever fixed-rate deal at 90 per cent LTV. The product is fixed at 2.64 per cent until to 30 June 2017.
Stuart Beattie, head of mortgages at The Co-operative Bank, said: “With rates at record lows, it’s a great time for customers to consider taking out a fixed rate product.”
Charlotte Nelson from Moneyfacts commented: “At 1.09%, this two-year fixed rate mortgage is the lowest ever on Moneyfacts.co.uk’s records. With rates hitting all-time lows, there is no better time for borrowers to fix their mortgage and secure low monthly payments for a significant period of time.”
