The Co-operative Bank has announced it is removing the £999 fee on its fixed five-year mortgage.
From today (February 21st), the financial institution is getting rid of the charge, while it is keeping its competitive rate of 2.79 per cent in place and the product is available at 60 per cent loan-to-value (LTV).
Despite the fact the average arrangement fee in the current housing market is said to be more than £1,400, the firm is fighting this trend and rolling out free options across all LTVs in its mortgage range. At present, more than two-thirds of its rates are on offer without a fee.
According to James Hillon, head of mortgage for the Co-operative Bank, now is a good time for homeowners to review their finances. He added: “One of the best ways to cut back on your monthly outgoings is by finding a cheaper mortgage deal.”
This comes as research from data provider Moneyfacts finds mortgage rates across the board have dropped to their lowest level in 24 years, even for first-time buyers looking to get on to the property ladder.
