Co-operative Bank wants fixed rate mortgage customers to make further payments

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Co-operative Bank wants fixed rate mortgage customers to make further payments

Consumers have been encouraged to make capital repayments by the Co-operative Bank, with a source from the organisation suggesting this underlines its position as a responsible lender.

James Hillon, head of mortgages at the company, stated that the firm is aiming to promote such activity by allowing all its customers to make payments of up 50 per cent without penalty.

The Co-operative Bank highlighted how this can benefit people in the long term, since individuals may be able to enjoy improved interest rates in lower loan-to-value categories.

Mr Hillon added: "With interest rates continuing to remain at their historic low level, our data shows that customers are increasingly looking to take the opportunity to pay off more of their mortgages."

Last week, the Co-operative's intermediary lender Platform announced it is looking to expand its operations in 2011 and showed this commitment by unveiling a series of new fixed rate and tracker products.

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