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Co-op offers green loan at a cool 4.99%

Co-operative Bank is extending its range of environmentally-friendly mortgages with the launch of a two-year green fixed-rate deal.

The loan is fixed at 4.99 per cent until May 31, 2004 and is available up to 95 per cent loan to value.

The loan has flexible features, including the ability to create a flexible fund which can be used to pay off up to 10 per cent of the balance each year without penalty, borrowers can also withdraw against it at any time or use it to take a payment holiday.

Co-op claims its green mortgage range has a positive impact on the environment as the bank makes an annual donation to Climate Care,a charity aiming to tackle global warming.

The cash is used by Climate Care to fund its reforestation programme around the world to combat carbon dioxide emissions.

The Co-op says houses are one of the biggest sources of carbon dioxide pollution and through the reforestation programme it can offset some of the impact.

Interest on the loan is calculated on a daily basis. There is a redemption penalty of 3 per cent up to May 31, 2004.

Deputy chief executive Mick Frith says: “We re-entered the mortgage market in 2000 when we launched our discounted flexible mortgage and we have since introduced a range of other mortgage products, including capped, fixed and trackers. Our new two-year fixed rate now provides a further option.”

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