Mortgages - Cashback with the Co-op

Co-operative Bank has launched a new first time buyer cashback mortgage aimed at helping people onto the property ladder - the 1% cashback designed to cover stamp duty or other fees that FTBs may incur.

The 5-year fixed rate loan (at 6.29%) comes with an income multiple of 4.5x (5x for graduates). And no deposit is required.

Customers, who will be eligible for a free basic valuation, also benefit from a number of positive environmental features, including receiving a free home energy report with their property valuation, which assesses the energy efficiency of the property and identifies ways in which it can be improved.

In addition, for the duration of the mortgage, the bank will make an annual donation to Climate Care to help tackle global warming. Houses are one of the largest sources of carbon dioxide emissions in the UK and, by using the bank's annual donation, Climate Care will be able to offset around one quarter of an average home's carbon dioxide emissions each year for the lifetime of the mortgage.

29 March 2007 © Moneyextra.com

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