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Co-Op cuts mortgage rates

22 August 2005
The Co-Op has decided to follow the recent Bank of England base rate cut and cut its fixed rate mortgages.

Borrowers can now opt for a three year fixed term rate of 4.59 per cent.

The bank is also offering a number of incentives to tempt first time buyers including a refund of the basic valuation fee and an income multiple of 3.75 for the first-time buyer.

Re-mortgagers will get their legal and valuation fees free.

Other lenders offer similar perks but the Co-Op seeks to stay true to its ethical credentials in its other incentives. These include an annual donation to Climate Care to tackle global warming and a free home energy rating report with property valuation.

Chief operating officer Shelia Macdonald said: "The recent rate cut was good news for borrowers, especially first time buyers, many of whom have been put off from buying a property by the cost of entering the housing market.

"This new rate will reduce those costs, as well as providing the peace of mind that comes with a low rate fixed for three years."

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