Britannia and The Co-operative Bank have unveiled a new three-year tracker and a five-year capped rate mortgage, available from Friday 19 March.

The new variable range include a three-year tracker with a rate of 2.49% and an arrangement fee of £999.

However, there is also a new five-year capped-rate mortgage available at up to 85% LTV – the only five-year product of its kind on the market, the Britannia says.

John Hughes, business leader for retail products, said: “These competitively priced variable rate mortgages offer customers an opportunity to take advantage of the current low interest rate environment and follow on from the recent launch of our best buy fixed rate products.