Co-operative lowers mortgage rates

Lower rates and fees have been introduced across the Co-operative’s mortgage range.

The organisation has announced buy-to-let mortgage rates are being cut by up to 20 basis points (BPS), while its mainstream products will see maximum reductions of 60 BPS.

Business Development Director at Platform – the Co-operative Bank’s dedicated intermediary mortgage lender – Lee Gladwell said: “Platform is committed to providing brokers with a competitive range of products for them to offer to clients and the reduction in rates across the range, alongside decreased fees demonstrates this.”

He added the decision was prompted by feedback given by brokers at the company’s Platform Live events.

Consumers will now be able to choose from mortgages including a buy-to-let full-term tracker at 4.99 per cent at 60, 65 or 70 per cent loan-to-value and a mainstream two-year tracker offering a 2.69 per cent rate.

Both are subject to administration fees of £89, with the former being subject to an arrangement fee of £2,450 and the latter £950.

Source: My Finances

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