5th August 2016
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.
About The Co-operative Bank
The Co-operative Bank plc provides a full range of banking products and services to around 4.4 million retail and SME (Small and Medium Sized Enterprises) customers. The Bank is committed to values and ethics in line with the principles of the co-operative movement.
The Co-operative Bank is the only high street bank with a customer-led ethical policy which gives customers a say in how their money is used. Launched in 1992, the Policy has been updated on five occasions, with new commitments added in January 2015 to cover how the Bank operates its business, products and services, workplace and culture, relationships with suppliers and other stakeholders and campaigning.