The Co-operative Bank reduces Standard Variable Rate (SVR) for mortgages

5 August 2016

1 min read

The Co-operative Bank today (5, August 2016) has announced its Standard Variable Rate (SVR) for mortgages will be reduced by 0.25 per cent in line with the reduction in the Bank of England Base Rate.

Customers of The Co-operative Bank, and those with Britannia and Platform branded mortgages, will see the SVR reduce from 4.74 per cent to 4.49 per cent from 1st September, 2016.

Following the decision of The Bank of England to reduce Base Rate to a record low of 0.25 per cent, The Co-operative Bank announced immediately that customers with tracker mortgages will see their rate fall in line with Base Rate, unless their product has a floored rate, in which case the rate will not drop below the rate stated in the product terms and conditions. 

ENDS

Notes to Editors:

About the Co-operative Bank

the Co-operative Bank plc provide a full range of banking products and services to almost 5 million retail and SME (Small and Medium Sizes Enterprises) customers. The Bank is fully committed to values and ethics in line with the principles of the co-operative movement.

For further information please contact

Nicki Parry, Head of Media Relations

The Co-operative Bank Press Office

Tel: 07734 002 983

Email: nicki.parry@co-operativebank.co.uk

Twitter: @CooperativeBank

Contact

Corporate

Lesley McPherson, Director of Communications

Mobile:+44 (0) 7725 903 270

Email Lesley McPherson

Head of Media Relations

Nicki Parry

Mobile: 07734 002 983

Email Nicki Parry

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