The Co-operative Bank has unveiled a new mortgage with a loan to value of 90 per cent, aimed at first time buyers.

With its subsidiary Britannia, The Co-operative Bank is launching a new two year fixed rate mortgage which requires a deposit of only 10 per cent.

The new mortgage has an initial rate of 5.09 per cent, and an application fee of £999; alternatively, borrowers can pay no fee if they opt to pay a higher initial rate of 6.09 per cent.

Commenting on the new product, James Hillon, head of Co-operative Financial Services mortgages, said “We are keen to continue to help support mortgage customers and the introduction of the new two year products provides a welcome boost for first time buyers and home movers. 

“Customers who want to take out one of these mortgages, will also have the additional flexibility of a range of direct channels, including internet, telephone and branch as well as the added benefits of our high levels of customer service.”

The new mortgage is available now.

© Fair Investment Company Ltd

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