Co-op launches fee-free three year tracker
by Gill Montia
The Co-operative Bank has launched a fee free three-year tracker mortgage that is being made available to Co-operative Bank current account holders only.
The loan comes with an interest rate of 5.99% (BoEBR (Bank of England Base Rate) + 0.99%) and a loan-to-value (LTV) ratio of up to 75%.
Those will less equity in their property can opt for a 90% LTV deal, with interest at 6.24% (BoEBR +1.24%).
Property valuation and legal work comes free of charge for remortgagers.
There is no application, exit or chaps fee, although early repayment charges apply for the first three years.
Borrowers can opt to make overpayments and underpayments or take payment holidays in the case of both home purchasers and remortgagers.
The lender is also offering a range of mortgages that can help first-time buyers get a foot on the property ladder.
The bank allows borrowers to purchase a property with friends or have their parents guarantee their mortgage.
All Co-operative mortgages have a green element because the bank makes an annual donation to Climate Care, the charity that helps tackle global warming.
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