The Co-operative Bank has announced increases in its mortgage rates, affecting a wide range of its products. Their announcement highlighted rate increases in both its residential and buy-to-let mortgage ranges. This change is not only applicable to new customers but also affects those looking to switch their current mortgage products within the bank.

The Biggest Jump for Switchers

For those considering switching their mortgage product, the news is particularly noteworthy. The bank has introduced the largest increases in this area, with rates climbing by up to 1.09%. This adjustment impacts two, three, and five-year fixed-rate buy-to-let products the most. Meanwhile, residential and Help to Buy switcher rates have seen a rise of up to 0.72%.

Changes for New Borrowers

If you’re entering the market as a new borrower, you’ll also see some changes. Residential mortgages with two and five-year fixed rates, accompanied by a £1,999 fee, have experienced an increase of up to 0.22%. On a brighter note, three-year fixed rates with a £999 fee have actually seen a slight reduction, dropping by up to 0.06%.

Buy-to-let mortgages haven’t been spared, with two-year fixed rate products going up by as much as 0.19%, and five-year fixes by up to 0.05%.

A Silver Lining for Some

It’s not all doom and gloom, however. The Co-operative Bank has also announced a reduction in its professional mortgage rates by up to 0.14%. This presents a potential opportunity for those eligible for these specific products to benefit from slightly lower rates.