Co-op cuts SVR mortgage rate by 0.5%

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Co-op and Britannia reduce mortgage rates

Consumers looking to buy their first home or remortgage may be interested in a series of rate reductions and a new product jointly launched by Britannia and the Co-operative Bank.

Thursday, 12 February 2009 12:00

The Co-operative Bank is reducing its standard mortgage rate by 0.5 per cent.

It is passing on, in full, the 0.5 per cent reduction the Bank of England made to the base rate last week.

The move will affect all Co-op customers who have tracker, discount and SVR mortgage and the reduced rate will come into effect on March 1st.

It means the bank's mortgage standard variable rate (SVR) now stands at 4.24 per cent.

Terry Jordan, head of mortgages for the Co-op, said: "We recognise that in the current economic climate many people are worried about their finances, and this reduction to our mortgage rates should help our customers at this difficult time."