Co-op mortgage sparks revival hopes … The Co-operative Bank has launched a best buy tracker mortgage in a further sign that competition is returning to the market.

The group is offering a three-year tracker loan at 2.39%, or 1.89% above the Bank of England base rate, and it has a £995 application fee.

The deal is available to people borrowing up to 75% of their home’s value, bucking the recent trend for lenders to reserve their best rates for those with at least a 40% equity stake.

The mortgage goes straight to the top of the best buy tables, undercutting the lifetime tracker deal offer by First Direct, which has held the top spot for some time, by 0.5%. …

Tags: mortgage godsend, Mortgage Market

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