The Co-op’s new two-year discounted tracker rate mortgage gets five stars!

Category: Mortgages
Date: 10/26/2007 8:48:26 AM

Today sees the launch of a new two year discounted tracker rate mortgage from the Co-operative Bank, taking the market by storm and shooting straight into the Moneyfacts.co.uk discounted variable rate mortgage best buys.

With a rate of 5.29% it is 0.34% lower than our existing best buy from Giraffe at 5.63%. A flat fee of £999 and maximum LTV of 95% should appeal to a wide audience. Those borrowing up to 95% loan to value will also appreciate that no higher lending fee is charged.

This is an extremely competitive product. In a time when we are predicting an increase in demand for variable rates, with base rate almost certain to remain on hold or most likely fall in the forthcoming months, we suspect this product will be a popular choice. Offering a very low rate compared with its peers, but still maintaining a reasonable fee, this deal really comes up trumps.