Britannia and The Co-operative Bank have launched two best-buy mortgages this week, including a market-leading three-year tracker and [a] five-year capped rate mortgage, it has been announced.

John Hughes, business leader for retail products at the lender, said that the products offered the "best of both worlds" to customers who would benefit from a low rate and the certainty of a flat price for five years.

He added: "Our new mortgage range now has a variety of competitively priced products to suit differing customer needs, backed by […] high levels of customer service."

The products will become available to consumers from March 19th and are currently the cheapest on the market, according to the mortgage lender.

The Council of Mortgage Lenders has estimated that there is a total of 11 million mortgages in the UK, which are worth over £1.2 trillion.

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Written by Emily Sanders