Borrowers who are unsure of what mortgage will offer the best deal for them now have an opportunity to choose between a fixed-rate or a tracker on very similar terms.

The new fixed-rate tracker offered by the Co-operative Bank matches the initial rate of its current best buy two-year tracker.

John Barker, head of mortgages at Co-operative Financial Services, has stated that, with the unpredictable nature of interest rates at present, such an offer means customers can have the choice of either product at the same initial rate.

"It is difficult to predict with any accuracy what will happen to interest rates over a two-year period, so customers will obviously have to make decisions based on their personal circumstances and their own attitude to risk and need for payment security," he said.

He added that customers who prefer to be certain about their repayments would benefit from a fixed-rate, while those who are confident about further interest rate cuts may opt for a tracker.

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