The Co-operative Bank is cutting its mortgage rates through the re-launch of its fixed-rate home loan range.
As part of the move, mortgage rates are to be slashed by as much as 0.6 per cent – or 60 basis points.
In addition, the action will see increased options for those looking to purchase a house for the first time, as well as homeowners eager to remortgage.
The new arrangement sees fixed-rate products ranging from 75 per cent to 90 per cent loan-to-value (LTV) and free-free options are also open to customers.
James Hillon, head of mortgages at the company – which is part of The Co-operative Group, the UK’s largest consumer co-operative – noted the company is bucking the current trend and attempting to encourage greater movement in the market.
The industry figure explained many lenders appear to be increasing mortgage rates in response to the ongoing crisis currently engulfing the euro zone.
He added: “In addition to lowering our rates again, we’re also supporting both new and existing homeowners through the varied LTV and fee
free options across our product range.”