Co-op and Britannia offer cheaper mortgages with 10% deposit

Cheaper mortgages are being offered by the Co-operative Bank and Britannia for consumers with a ten per cent deposit.

The lenders are halving the mortgage fees and reducing the rates on their 90 per cent loan-to-value fixed-rate deal range from Friday June 25th.

James Hillon, function leader for mortgages at the Co-operative Financial Services, said the firms are keen to help support mortgage customers.

"These reductions in both rates and fees will provide a welcome boost for first time buyers and home movers," he stated.

"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."

Earlier this week, Barclays announced plans to reduce the rates on its Woolwich mortgages by up to 0.7 per cent.

A two-year fixed-rate deal has fallen from 5.29 per cent to 4.59 per cent for buyers with an 80 per cent loan-to-value deal, while the lender's three-year product has come down from 5.49 per cent to 4.89 per cent.

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2010-06-24 09:59:32 © Moneyextra.com