Co-operative Bank pulls rates after three days but still has sub-4% options for those seeking £750,000+ mortgages

by Aaron Strutt

Jan 12 2024

The Co-operative Bank has pulled a selection of its most competitively priced mortgage rates three days after launching them.

The lender came to market with two-year and five-year fixes that were considerably lower than many of its competitors, and it is likely to have removed the rates because of the volume of applications it received.

It is unusual for a lender to pull new rates so promptly, although Generation Home launched a cheap five-year fix before Christmas and pulled it quickly.

The Co-operative Bank still has some competitively priced rates, including a five-year fixed for borrowers with a 10% deposit. It is also still offering a five-year fix below 3.85% and a two-year fix below 4.3% for borrowers taking £750,000+ mortgages with a 40% deposit. 

Aaron Strutt, product director at Trinity Financial, says: “Most lenders have made big price reductions, and there is a lot more competition in the market. If you are looking for a mortgage, it makes sense to secure deals while they are available.

"Our brokers have been very busy swapping rates for our clients with mortgage offers agreed as there have been so many price cuts over the last few weeks. We want our clients to get the best possible rates.

"We have seen rates increase quickly in the past so borrowers need to have a good deal locked in. Barclays has a great two-year fix priced at just over 4% and Virgin Money has launched some excellent five-year deals. There is no guarantee these rates will be around for long." 

Call Trinity Financial on 020 7016 0790 to secure a mortgage, book a consultation, or complete our mortgage questionnaire. 

The information contained within was correct at the time of publication but is subject to change.

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