29/06/10 - The Co-operative Bank and Britannia halve fees on 90% mortgage range
The Co-operative Bank and Britannia are halving the fees and reducing the rates on the 90% loan to value fixed rate mortgage range.
The changes come into effect from Friday 25 June and the full details are as follows:
|Product||New Initial Rate||Fee||LTV||Reduction|
|2 year fixed rate||4.99%||£499||90%||50bps|
|5 year fixed rate||5.89%||£499||90%||20bps|
James Hillon, Function Leader Mortgages for The Co-operative Financial Services, comments,”We are keen to help support mortgage customers and these reductions in both rates and fees will provide a welcome boost for first time buyers and home movers. Customers who want to take out one of these mortgages will also have the additional flexibility of a range of direct channels, including internet, telephone and branch as well as the added benefits of our high levels of customer service.”
Anyone looking for more information about the new mortgages can visit any branch of Britannia, call 0800 013 1140 (Britannia) or 0800 0288 288 (The Co-operative Bank) or log on to www.co-operativebank.co.uk/mortgages or www.britannia.co.uk
For further information please contact
The Co-operative Financial Services Press Office
0161 903 3833
Notes to Editors
For media purposes only
- Products available to house purchase customers only
- Restrictions to lending including;
- Capital & Repayment only
- Maximum loan value £315K
- Minimum Household income £20k
All products revert to the Standard Variable Rate (SVR), currently 4.24% after the initial fixed term
About The Co-operative Financial Services
The Co-operative Financial Services (CFS) is part of The Co-operative Group, which is the world’s largest consumer co-operative with around five million members, over £14 billion turnover, and core business interests in financial services, food, travel, pharmacy and funeral care. The Co-operative Group has over 5,000 retail trading outlets.
Following the merger with Britannia Building Society on 1 August 2009, CFS is one of the largest and well diversified mutual businesses operating in both retail and corporate markets.
As part of The Co-operative Group, the new business is characterised by its unique ethical and member reward policies and very high levels of customer advocacy.
The combined business has £70 billion in assets, 12,000 staff and nine million customers. It has over 300 high street branches, 20 corporate banking centres and a major presence in Manchester, London, Leek, Bristol, Plymouth, Skelmersdale and Stockport.
It is the only mutual organisation that enables its members to earn financial rewards for the products they hold, as well as giving them the opportunity to have a say in how the business is run.
The Co-operative Bank is authorised and regulated by the Financial Services Authority (No. 121885), subscribes to the Lending Code and the Financial Ombudsman Service and is licensed by the Office of Fair Trading (No. 006110).