Cahoot enters UK mortgage market
The UK online bank Cahoot has launched its first portfolio of home loans products arranged through its parent company, Abbey.
The range of mortgages is only available over the phone and includes both fixed rate and tracker loans that stand well in the current market. The fixed rate deals include a two-year rate of 4.49% with a booking fee of GBP699 or a two-year rate of 4.69% with a lower booking fee of GBP349. Both mortgages cover a maximum of 95% of the house value. Cahoot's tracker offering includes a two-year tracker at 4.34%, which is Bank of England base rate minus 0.16%, or a two year tracker of 4.54% on the basis of the base rate plus 0.04%. The two loans come with respective arrangement fees of GBP699 and GBP449 and also a ceiling limit of 95% of value. The Abbey subsidiary is also offering a flexible mortgage choice which provides greater user freedoms but at higher rates of interest. With this new range of competitive mortgages, we're dipping our toe in the market and testing the demand for mortgages from Cahoot, John Goddard, Cahoot managing director, told Reuters. If the new product range proves to be successful, it is reported that Cahoot will consider launching its own, in-house home loans as early as next year.
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