The Co-operative Bank and Britannia cut rates

The Co-operative Bank and Britannia have launched a new two-year fixed home loan and have reduced mortgage rates on a number of their products.

Customers can get a rate as competitive as 3.59 per cent from the financial firms when taking out the new two-year fixed-rate deal, with an LTV of 75 per cent and a product fee of £999.

However, an LTV of 85 per cent is also available offering a slightly higher rate.

Mortgage rates have also been reduced by up to 40 basic points across the Co-operative Bank and Britannia's three and five-year fixed deals, while customer with these products will also benefit from an extension of the end date.

James Hillon, head of mortgages at the Co-operative Bank, said: "We are delighted to be able to offer these reductions in rates which, alongside the introduction of the new two-year fixed-rate mortgage, will hopefully provide a welcome boost for first time buyers and homeowners."

Meanwhile, Matt Griffith, spokesman for PricedOut, said that the best mortgage rates are still for borrowers with large levels of equity.

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2011-05-16 13:13:16 © Moneyextra.com