Co-operative Bank mortgage launched for FTBs

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Co-operative Bank mortgage launched for FTBs

Co-operative Bank has launched a new mortgage specifically designed to cater to the needs of those people looking to invest in bricks and mortar for the first time.

The Co-operative Bank mortgage possesses a fixed rate of 6.29 per cent for five years, providing long-term security to homeowners.

The package also includes a one per cent cashback feature in order to cover costs associated with the homebuying process, including stamp duty and other fees.

This facet of the Co-operative mortgage could be particularly useful, with over half of first-time buyers (FTBs) suggesting that the amount needed for stamp duty and deposits is preventing them from getting on to the property ladder.

John Barker, head of mortgages at the group, said: "As house prices have continued to rise it is important that the lifeblood of the market –FTBs – are given extra help to gain that all important first footing on the ladder."

The Co-operative package also includes a free valuation and a possible guarantor option, while no deposit is required.

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