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Co-op launches mix-and-match mortgage

The Co-op has this week launched a mix-and-match mortgage which allows customers to fix parts of their outstanding balance at a predetermined rate and allow the balance to track the base rate. This tool on the surface appear to give customers the best of both worlds, the ability to mix and match the two alternatives, and with only one application fee it does seem to be something of a useful option.

Over the next few months we are likely to see a growing number of innovative ideas in the mortgage market aimed at reducing risk and giving customers exactly what they need. Injecting confidence into the property sector is a vital stage towards the eventual recovery of the UK property market and the UK economy. However, changes announced by the FSA will likely tighten the financial straitjacket which many customers will feel in the future and there are concerns that first-time buyers will again be dissuaded from entering the marketplace.

It is well-known that first-time buyers are the lifeblood of the property sector and without the injection of new capital and new investors it would be difficult for the sector to pull away and move back to the boom times. However, innovative mortgage arrangements such as that proposed by the Co-op do offer an interesting alternative to the traditional mortgages currently on the market and could offer an interesting option to those looking at purchasing a property.

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