The Co-operative Bank has announced it is to reduce rates on its five-year fixed mortgages by up to 90 basis points, or 0.9 per cent.
In addition, the lender revealed it is to scrap the £999 arrangement fee on its five-year fixed product as a way of rewarding its existing current account customers.
Interest rates on the mortgage range are to be lowered as of today (November 10th), which will see those with a 25 per cent deposit handed a best-buy rate of 3.39 per cent.
This marks a reduction of 0.8 per cent and comes after the bank cut rates by up to 0.6 per cent when it re-launched its fixed-rate home loan range in October.
James Hillon, head of mortgages at the lender – part of the Co-operative Group, which also includes legal services, pharmacy, food and travel branches, among others, stated: “With rising living costs leaving many families with less cash to spare each month, our five-year fixed products offer a great option for those wanting the reassurance of set monthly repayments .”
He added the bank has also continued to cut rates for those with lower deposits .