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Financial Times - Cheapest two-year fixed-rate mortgage deal launched in UK

Aaron Strutt Image

Competition in the UK mortgage market moved up a gear on Friday as the Co-operative Bank launched a record low two-year fixed rate deal, with an interest rate of 0.79 per cent. 

Platform’s (the broker lender arm of The Co-Operative Bank) 0.79 per cent rate is limited to borrowers seeking a loan of no more than 60 per cent of the property value and comes with a relatively high fee of £1,499. The lender also offers a 0.84 per cent deal at a lower £999 fee.

Aaron Strutt, product director at broker Trinity Financial, told the Financial Times there is more choice of variable rates at the moment. “Tracker rates pretty much disappeared not that long ago but they are back and particularly cheap.”

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