Since announcing that the bank had witnessed an increase in mortgage completions to £1,084m in the first 6 months of the year (compared to the £921m the lender had witnessed in the last 6 months of 2014), the bank has reduced rates across the range of 80 products aimed at both new and existing customers by 0.05 to 0.45%.
This comes as great news to clients looking to jump onto a fixed rate mortgage amid continuous rumours of interest rate rises, especially with the cause of increasing demand from borrowers.
The cooperative bank has also launched a range of 2 year and 5 year fixed rate mortgages at 90% loan to value alongside this, with a 3 year fixed rate deal at 1.79% for 60% loan to value also available for remortgage clients with a £1,499 fee.
The lender’s new fixed rate range also includes a 5 year mortgage at a rate of 3.34% with a 10% deposit and a £1,499 fee. In addition to this, 2 year fixed rate mortgages will be available at 2.24% (also with a 10% deposit) with a £1,499 fee, or at 2.99% with no fee.
These timely new rates for the bank’s 2 year and 5 year fixed rate mortgages at 90% LTV act as an example of how many lenders are looking to help those stretching their first foot on the property ladder, especially with its competitively priced products offering fee and fee-free options.
Following this, elsewhere in the property market, Aldermore has also released a new 2 year fixed rate of 3.98% with a maximum LTV of 70%. This comes with a reversion rate of 4.98%, as well as the allowance of overpayments. (The overall cost for comparison on 5% APR is based on borrowing £150,000 over 25 years.)