The mortgage offers borrowers 1 per cent cashback to cover stamp duty and other fees, does not require a deposit, extends up to 4.5 times income multiples (5x for graduates) and is available on a 5 year fixed rate of 6.29 per cent. It also gives borrowers the option of using a guarantor, a free basic valuation and a home movers pack.
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The deposit and stamp duty are the two areas which first-time buyers dread the most, after climbing house prices send these lump sum payments soaring.
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In addition, Co-operative Bank do not impose Higher Lending Charges on homeowners who wish to borrow more than 95 per cent of a property’s value – something which can potentially cost as much as £2,000.
The Bank will also make a donation to Climate Care each year to help tackle global warming, so borrowers can rest easy that a quarter of their carbon emissions are being offset.
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