Co-op cuts mortgage rate

Co-op cuts mortgage rate

The Co-operative Bank is slashing mortgage rates by 0.50 per cent from November 1st.
Co-op: No cuts to standard mortgage rate

The Co-operative Bank is not cutting its standard mortgage rate but has vowed to maintain savings rates at or above one per cent.

Thursday, 16 October 2008 12:00

The Co-operative Bank is slashing mortgage rates by 0.50 per cent from November 1st.

The move comes following the Bank of England's decision to cut its base rate from five per cent to 4.5 per cent last week.

The cut will apply to all mortgages on the Co-op's standard variable rate (SVR). By passing on the Bank of England's reduction the Co-op has reduced the SVR to 6.49 per cent.

A spokesman for the Co-op said: "The Co-operative Bank offers a wide range of mortgages at competitive rates, offering borrowers the ability to make considerable savings over the lifetime of their mortgage."

The bank said it calculated interest on a daily basis and did not impose higher lending charges (HLCs) on any products.

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