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Co-op launches 2.79% five-year fixed rate

The Co-operative Bank has launched a 2.79 per cent five-year fixed rate mortgage at 60 per cent LTV.

The product comes with an arrangement fee of £999

Uswitch personal finance expert Michael Ossei says: “Five year fixed-rate mortgages have hit a new ‘low’ with the launch of Co-op’s new market-leading loan, which wins hands down on both fee and rate.

“The latest addition to Co-op’s mortgage range could prove a hit for homeowners looking to lock-in and secure an attractive rate. With an arrangement fee of just £999 and a low rate of 2.79 per cent, this new mortgage will offer peace of mind although some may still view the fee as a hefty price tag.”

The Co-operative Bank launched a 3.99 per cent two-year fixed rate mortgage at 90 per cent LTV earlier this month after drawing on the government’s Funding for Lending scheme.

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