Co-operative Cuts Mortgage Rates for First-time Buyers

UK first-time buyers are being supported by Co-operative Bank and Britannia, which decided to make mortgages more affordable for this group of borrowers by cutting interest rates.

As such, the 2-year fixed deal with 90% loan-to-value ratio, which earlier was offered at 6.09%, is available at 5.69% from Friday, November 19th.

This rate is one of the most competitive on the British first time buyer mortgage market. It is even more attractive to borrowers because it has no arrangement fees, which traditionally tend to be very high.

Commenting on the changes, Mr. Hillon of Co-operative Bank said that the lender recognises that UK first-time buyers face a lot of problems when trying to get on the property ladder. This is why, he said, a 0.4% cut in interest rates will serve as a boost for this group of borrowers.

He added that "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."

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