The Co-operative Bank launches new tracker mortgage range

January 30, 2009

The Co-operative Bank is launching a new tracker mortgage range on Friday 30th January. The range will include a three and five year tracker and full details are as follows:

3 Year Tracker Mortgage – Current Account Exclusive*

  • 3 year tracker mortgage for current account holders of The Co-operative Bank at 3.99% variable (Bank of England Base Rate +2.49%) for LTV up to 60%
  • No application fee
  • Free standard legal and basic valuation fees for remortgages**
  • Early repayment charges apply for the first 3 years
  • Flexible features including the facility to make overpayments and underpayments and to take payment holidays for home purchases and remortgages
  • Maximum loan size £500,000
  • 75% LTV version also available

5 Year Tracker Mortgage

  • 5 year tracker mortgage at 3.79% variable (Bank of England Base Rate +2.29%) for LTV up to 60%
  • £995 application fee
  • Free standard legal and basic valuation fees for remortgages**Early repayment charges apply for the first 5 years
  • Flexible features including the facility to make overpayments and underpayments and to take payment holidays for home purchases and remortgages
  • Maximum loan size £1million
  • 75% LTV version also available

Terry Jordan, Head of Mortgages at The Co-operative Bank , comments: “These new tracker products offer customers the option to take out a competitive tracker mortgage and also take advantage of the flexible features, including overpayments, underpayments and payment holidays that are included as standard with these products”.

“These mortgages also form part of our range of green mortgages and as a result customers can benefit from a number of positive environmental features, which include an annual donation to Climate Care to offset around a quarter of an average home's carbon dioxide emissions each year for the lifetime of the mortgage.”

Ends

For further information contact:

Catherine Turner
The Co-operative Financial Services Press Office
Tel: 0161 903 3833
Fax: 0161 903 2751
e-mail: catherine.turner@cfs.coop

Notes to editors:

 

For media purposes only

* To qualify for the three year tracker current account exclusive mortgage customers must

  1. Hold one of the following Co-operative Bank / smile current accounts
    1. Standard Current Account
    2. Current Account Plus
    3. smile Current Account
    4. smilemore
    5. Privilege Account
    6. Privilege Premier
  2. Agree to maintain the account by ensuring at least 5 transactions (credit or debit) are made through the account each month.
  3. Pay the mortgage Direct Debit from the qualifying account

** Free standard legal and basic valuation fees for remortgages only when Bank's recommended solicitors and surveyors used.

Customers wanting more information should call 0800 0288 288

ISDN facilities are available for broadcast media interviews.

Full details of tracker products are as follows:

3 Year Tracker Mortgage – Current Account Exclusive*

  • 3 year tracker mortgage for current account holders of The Co-operative Bank at 3.99% variable (Bank of England Base Rate +2.49%) for LTV up to 60%
  • Reverts to SVR (currently 4.74%) after initial period
  • No application fee
  • Free standard legal and basic valuation fees for remortgages**
  • Early repayment charges apply for the first 3 years
  • Flexible features including the facility to make overpayments and underpayments and to take payment holidays for home purchases and remortgages
  • Maximum loan size £500,000
  • Overall cost for comparison 4.6%
  • Product available through all channels (except brokers)
  • 75% LTV version also available

5 Year Tracker Mortgage

  • 5 year tracker mortgage at 3.79% variable (Bank of England Base Rate +2.29%) for LTV up to 60%
  • Reverts to SVR (currently 4.74%) after initial period
  • £995 application fee
  • Free standard legal and basic valuation fees for remortgages**
  • Early repayment charges apply for the first 5 years
  • Flexible features including the facility to make overpayments and underpayments and to take payment holidays for home purchases and remortgages
  • Maximum loan size £1million
  • Overall cost for comparison 4.5%
  • Product available through all channels (except brokers)
  • 75% LTV version also available

The Co-operative Financial Services is part of The Co-operative Group, which is the world's largest consumer co-operative with over 3 million members. CFS currently has 5.5m customers and employs over 8,000 staff. It has 116 retail and corporate branches/centres and over 1,000 face to face financial advisers. It has £38bn of assets under management across its retail and corporate business areas.

The Co-operative Bank is authorised and regulated by the Financial Services Authority (No. 121885), subscribes to the Banking Code, is a member of the Financial Ombudsman Service and is licensed by the Office of Fair Trading (No. 006110).

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE