Effective from Tuesday 9th January, The Co-operative Bank for Intermediaries will be refreshing its product range to include rate reductions for both existing and new customers.
These changes include a new sub-4% 2-year fixed rate product transfer, starting from 3.85%.
Other product transfer offerings include 3-year fixed rates starting from 3.75% and 5-year fixed rates starting from 3.74%.
New rate highlights from The Co-operative Bank’s new business range include 2-year fixed rates for purchase and remortgage at 4.22% to 80% loan-to-value (LTV) with a £1,999 fee, and 5-year fixed rates for purchase and remortgage starting from 3.84%, up to 60% LTV.
The lender is also offering new business customers 2-year fixed rates for purchase and remortgage at 4.35% to 85% LTV with a £999 fee, as well as a 5-year fixed rate of just 4.02% at 90% LTV.
Nicholas Mendes, mortgage technical manager at John Charcol, said: “Co-op have made a statement and kicked off the year with some impressive rate pricing.
“A 5-year purchase or remortgage at 3.84% makes it the new market leader before the weekend.
“It’s great to see a lender offer the same deals for all clients and not reserved for purchase as we seen in recent weeks from other lenders.
“Also, their product transfer rates are equally impressive for existing clients.”
He continued: “What a way to end the week, and who know what we could see next week.
“I was expecting repricing downwards but not this quickly. It’ll interesting to see how long it sticks around.”
