A fixed rate mortgage may interest households looking to cope financially in the current climate.
James Hillon, head of mortgages at the Co-operative Bank – which has over 300 high street branches and nine million customers – noted the option may be perfect for those who are searching for extra security.
He added with the cost of living on the rise, this offer is ideal for people looking to guarantee their future.
“It has no early repayment charges after three years so customers can easily alter their mortgage in line with changing living costs,” Mr Hillon observed.
The Co-operative has released a new five-year option and it offers a market leading rate of 3.39 per cent for 75 per cent loan-to-value, which could save people up to £837 a year when compared with deals from other lenders.
It comes after a study by swiftcover.com found 23 per cent of people are now worried about meeting mortgage repayments because of the hike in inflation.
Consumer price index is now at 5.2 per cent, which is the highest it has been since September 2008.
