GREEN FIXED RATE MORTGAGE FROM THE CO-OPERATIVE BANK

GREEN FIXED RATE MORTGAGE FROM THE CO-OPERATIVE BANK The Co-operative Bank today (10 June, 2002) extended its range of mortgages with the launch of a two year fixed rate product, which offers an interest rate fixed at 4.99 per cent until 31 May 2004. It provides borrowers flexibility in repayments, plus environmentally friendly features. The fixed rate mortgage is available for house purchase and for re- mortgaging, with a maximum advance of 95 per cent of the property value. For re-mortgages, the Bank will pay legal and valuation fees. Interest on the mortgage is calculated on a daily basis, rather than by the traditional annual method. The new mortgage provides considerable repayment flexibility. Borrowers can create a 'flexible fund', which can then be used to pay off up to 10 per cent of the mortgage balance each year without penalty, therefore reducing the total amount of interest paid. Alternatively, borrowers can withdraw all or some of the fund at anytime, or use it to take a "repayment holiday". The mortgage has a positive environmental impact. For its duration, the Bank will make an annual donation to Climate Care to help tackle global warming. This scheme was developed after extensive consultation with the environmental community, including WWF and Forum for the Future. Houses are one of the largest sources of carbon dioxide emissions in the UK and, by using the Bank's annual donation on reforestation, Climate Care will be able to offset around one fifth of an average home's carbon dioxide emission each year for the duration of the mortgage. Mick Firth, Deputy Chief Executive of The Co-operative Bank, said: "With this new mortgage product, borrowers have the peace of mind of knowing that however much interest rates may rise, the amount they are paying will be fixed at the current low rate until June 2004. "The Bank re-entered the mortgage market in 2000 when we launched our discounted flexible mortgage, and we have since introduced a range of other mortgage products, including capped rate, fixed rate and tracker. Our new two year fixed rate mortgage now provides a further option, which we believe will be attractive to many borrowers." Anyone wanting further information about a high quality mortgage service with both financial and environmental benefits, should call The Co- operative Bank free on 08000 288 288 between 8 am and 9 pm, Monday to Friday, 9 am to 5 pm Saturday. Ends For further information, contact: 10 June 2002 Paul Lawler The Co-operative Bank Press Office Tel: 0161 829 5091 Fax: 0161 839 4220 e-mail: paul.lawler@co-operativebank.co.uk ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2002/06/10/20020610BIT01240/wkr0001.doc http://www.waymaker.net/bitonline/2002/06/10/20020610BIT01240/wkr0002.pdf