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

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 1^st 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.