The Co-operative Bank and Britannia reduce mortgage rates and reintroduce 2 year fixed rate product

May 16, 2011

The Co-operative Bank and Britannia has launched a new two year fixed rate product and reduced rates on a number of other products in their mortgage range.

The new two year fixed rate product is available at 75% and 85% LTV and the full details are as follows:

Product Rate LTV Fee
2 Year Fixed Rate 3.59% 75 £999
2 Year Fixed Rate 4.19% 75 £0
2 Year Fixed Rate 4.39% 85 £999
2 Year Fixed Rate 4.89% 85 £0

   
James Hillon, Head of Mortgages at The Co-operative Bank, said: “We recognise the challenges homebuyers are facing at the moment and we are delighted to be able to offer these reductions in rates which, alongside the introduction of the new 2 year fixed rate mortgage, will hopefully provide a welcome boost for first time buyers and homeowners.”

“As these rates are aligned across Britannia and The Co-operative Bank it also means that borrowers have even more access to our market-leading rates which are available in more than 300 branches, online and on the telephone."

Rates have been cut by up to 40bps across The Co-operative Bank and Britannia’s three and five year fixed rate deals, with customers also benefiting from an extension in the fixed end dates of the products*.

Product New Rate Previous Rate LTV Fee
3 Year Fixed Rate 4.69% 4.99% 75 £999
3 Year Fixed Rate 4.99% 5.29% 85 £999
3 Year Fixed Rate 5.59% 5.89% 90 £999
3 Year Fixed Rate 5.14% 5.29% 75 £0
3 Year Fixed Rate 5.29% 5.59% 85 £0
3 Year Fixed Rate 5.99% 6.09% 90 £0
5 Year Fixed Rate 5.04% 5.19% 75 £999
5 Year Fixed Rate 5.39% 5.49% 85 £999
5 Year Fixed Rate 5.89% 5.99% 90 £999
5 Year Fixed Rate 5.19% 5.29% 75 £0
5 Year Fixed Rate 5.69% 6.09% 85 £0
5 Year Fixed Rate 6.19% 6.39% 90 £0

  
Anyone looking for more information about the new mortgage range can visit any branch of Britannia or The Co-operative Bank, call 0800 013 1140 (Britannia) or 0800 0288 288 (The Co-operative Bank) or visit http://www.co-operativebank.co.uk/mortgages or www.britannia.co.uk.

*Fixed end dates have been extended to 31 August 2013 for the 2 year fixed rate product, 31 August 2014 for the three year fixed rate product and 31 August 2016 for the five year fixed rate product.

Offers and products can be withdrawn at any time.

 

For further information please contact

Jenna Moss / Catherine Laycock

The Co-operative Financial Services Press Office

Tel: 0161 903 3831 / 3833

Email: jenna.moss@cfs.coop / catherine.laycock@cfs.coop

 

About The Co-operative Financial Services

The Co-operative Financial Services (CFS) is part of The Co-operative Group, which is the world’s largest consumer co-operative with around five million members, over £14 billion turnover, and core business interests in financial services, food, travel, pharmacy and funeral care. The Co-operative Group has over 5,000 retail trading outlets.

Following the merger with Britannia Building Society on 1 August 2009, the new organisation is one of the largest and well diversified mutual businesses operating in both retail and corporate markets.

As part of The Co-operative Group, the new business is characterised by its unique ethical and member reward policies and very high levels of customer advocacy.

The combined business has £70 billion in assets, 12,000 staff and nine million customers. It has over 300 high street branches, 20 corporate banking centres and a major presence in Leek, London, Manchester, Plymouth, Skelmersdale and Stockport.

It is the only mutual organisation that enables its members to earn financial rewards for the products they hold, as well as giving them the opportunity to have a say in how the business is run.