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Tuesday 02nd of December 2008
February 21, 2008

Co-op waives mortgage application fees


by Gill Montia
”Co-op

The Co-operative Bank is waiving application fees across its entire range of fixed-rate mortgage products.

The following loans are included in the offer: two-year fix at 5.79%; three-year first-time buyer fix at 5.94%; five-year fix at 5.89%; 10-year fix at 5.84% and 25-year fix at 5.95%.

With all the loans, interest reverts to the bank’s standard variable rate (currently at 7.24%) when the term of the fix expires.

Early applications are encouraged because the funds allocated under the offer are limited, and it will be withdrawn once the limit has been reached.

The bank has also reduced interest rates on its tracker mortgages, by 0.25%, in line with the recent base rate cut.

For example, a two-year tracker mortgage is now available at 5.24% variable (Bank of England Base Rate -0.01%).

Earlier this week the Co-operative Bank and its online subsidiary, Smile, took third and second place respectively in a survey completed by viewers of Watchdog, the BBC’s consumer affair programme.

The majority of Co-operative customers gave their bank a high rating for improvements in service and customer satisfaction.

In the case of Smile, over 90% of its customers said that they would recommend the Internet bank to their friends and family.

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