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Co-op Bank launches 25-year fixed rate mortgage

Tuesday, 13 November 2007 12:00 AM

The Co-operative Bank has launched a 25-year fixed rate mortgage, offering stability to long-term investors in the UK housing market.

The deal comes with a rate of 5.95 per cent and is available from this week.

"This new mortgage will suit customers who are looking for the peace of mind that a longer term fixed mortgage can offer," said John Barker, head of mortgages at Co-operative Financial Services.

"However they will not only benefit from an extremely competitive fixed rate, but they will also have the flexibility of a portable product, which will allow them to take their mortgage with them if they want to move."

The product launch follows call earlier this year from the government for retailers to offer consumers long-term stability in the housing market.

The mortgage comes with a £599 application fee and has no early repayment fees after the first ten years.

A maximum of 95 per cent loan-to-value (LTV) is available with the deal and it is fully moveable if consumers want to step up the property ladder.

Finally the Co-operative Bank is offering free standard legal and basic valuation fees for remortgages.

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