News
15/02/12 - The Co-operative Bank Launches New Lifetime Tracker Mortgages
Rates also reduced across the wider product range by up to 40 bps
The Co-operative Bank is launching a new range of lifetime tracker mortgages this Friday (February 17) in addition to reducing rates across its wider mortgage range.
The new lifetime tracker mortgages are available at 75% and 85% LTV with rates from 2.79%. In another step to encourage movement in the housing market, the bank has also reduced rates on both the lifetime tracker for current account customers and across a number of its fixed rate products.
Details of the product changes are as follows:
| Product | Rate |
Fee |
LTV |
Reduction |
|---|---|---|---|---|
| Lifetime Tracker | 2.89% |
£499 |
85% |
New |
3.79% |
£499 |
85% |
New |
|
| Lifetime Tracker* (current account exclusive) | 2.79% |
£0 |
75% |
40 bps |
| 2 Year Fixed Rate | 3.29% |
£0 |
60% |
New |
| 3 Year Fixed Rate | 3.59% |
£0 |
60% |
New |
3.69% |
£999 |
85% |
30 bps |
|
4.09% |
£0 |
85% |
20 bps |
|
| 5 Year Fixed Rate | 3.99% |
£999 |
85% |
20 bps |
4.19% |
£0 |
85% |
30 bps |
James Hillon, Head of Mortgages at The Co-operative Bank said, “We remain committed to helping customers who want to move or buy their first home and continue to offer a varied range of mortgages with competitive rates. Our fixed rate products are proving popular but with a base rate rise currently looking distant we also want to help customers wanting to take advantage of this through our new lifetime tracker range.”
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
Ends
(279 words)
Notes to Editors
For media purposes only
*The product is available to customers holding a qualifying current account. These include: The Co-operative Bank Standard Current Account, Privilege Current Account, Privilege Premier Current Account, Current Account Plus, Smile Current Account and Smilemore Current Account.
Fixed rates revert to the Standard Variable Rate (SVR), currently 4.24% after the initial fixed term
| Product | Rate |
Overall Cost for Comparison |
Application Fee |
LTV |
|---|---|---|---|---|
| Lifetime Tracker | 2.89% variable BoE base rate + |
3.0% |
£499 |
75% |
3.79% variable BoE base rate + |
4.0% |
£499 |
85% |
|
| Lifetime Tracker* (current account exclusive) | 2.79% variable BoE base rate + |
2.9% |
£0 |
75% |
| 2 Year Fixed Rate | 3.29% |
4.2% |
£0 |
60% |
| 3 Year Fixed Rate | 3.59% |
4.2% |
£0 |
60% |
3.69% |
4.3% |
£999 |
85% |
|
4.09% |
4.4% |
£0 |
85% |
|
| 5 Year Fixed Rate | 3.99% |
4.4% |
£999 |
85% |
4.19% |
34.4% |
£0 |
85% |
ERC's Apply;
Lifetime tracker rate - 1% of amount repaid for the first 3 years following completion
2 year fixed rate - 2% until 30.6.13 and 1% from 1.7.13 to 30.6.1
3 year fixed rate - 3% until 30.6.13, 2% from 1.7.13 to 30.6.14, 1% from 1.7.14 to 30.6.15
5 year fixed rate - 5% until 30.6.13, 4% from 1.7.13 to 30.6.14, 3% from 1.7.14 to 30.6.15, 2% from 1.7.15 to 30.6.16, 1% from 1.7.16 to 30.6.17
Your home may be repossessed if you do not keep up repayments on your mortgage.
For further information please contact:
Lauren Hoult
The Co-operative Banking Group Press Office
Tel: 0161 903 3822
Email : lauren.hoult@cfs.coop
Twitter: @CoopBankingPR
About The Co-operative Banking Group
The Co-operative Banking Group, formerly known as The Co-operative Financial Services, is the banking and insurance arm of The Co-operative Group, which is the world’s largest consumer co-operative with around six 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 on 1 August 2009, the organisation is one of the largest and most highly diversified mutual businesses operating in both retail and corporate banking markets.
As part of The Co-operative Group, the business is characterised by its unique ethical and member reward policies and very high levels of customer advocacy.
The Co-operative Banking Group has £70 billion in assets, 12,000 staff and nine million customers. It has over 300 high street branches, 20 corporate banking centres and major presences in Manchester, Leek, London, 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.
