The Co-operative Bank reduces SVR

Following the recent reduction in the Bank of England's Base Rate, The Co-operative Bank will reduce its mortgage standard variable rate (SVR) by 0.5 percentage points from 5.24 per cent to 4.74 per cent from 1 January 2009.

Terry Jordan, Head of Mortgages for The Co-operative Bank comments: "It is important that we balance the needs of both our savings and mortgage customers. Our SVR remains very competitive against the market and throughout the recent financial turmoil The Co-operative Bank has managed to hold a position of financial strength, continuing to offer customers an extensive range of mortgage and savings products. This decision will help us to maintain that position going forward."