Co-op and Halifax have both lowered their mortgage rates, a move that could save you thousands of pounds!

The Co-operative Bank is shaking things up with its “Mainstream” mortgage range, offering lower rates for both new and existing customers.

New buyers looking at 2, 3, or 5-year fixed-rate mortgages could see their interest rates drop by as much as 0.15%. The Co-op has also decided to ditch its 2 and 5-year fixed-rate deals with a £1,999 fee for those borrowing 60% of their property’s value.

If you’re already a Co-op customer, you haven’t been forgotten! Similar rate reductions of up to 0.15% apply to 2, 3, and 5-year fixed-rate mortgages for existing borrowers. The Co-op is also withdrawing its 2 and 5-year fixed-rate deals with a £1,249 fee for those borrowing 60% of their property’s value.

But that’s not all! Halifax is joining the party with significant cuts for those looking to remortgage. From August 14th, borrowers can enjoy rate reductions of up to a whopping 0.37% on 3-year fixed-rate remortgages.

These rate cuts are a welcome relief for anyone worried about rising mortgage costs. So, if you’re thinking about buying a home or remortgaging your current one, now is a great time to explore your options!