The Co-operative Bank to cut its mortgage SVR by 0.5%

Following the recent reduction in the Bank of England's Base Rate, The Co-operative Bank will be passing on the full interest rate cut to its mortgage customers by reducing its mortgage standard variable rate (SVR) by 0.5 percentage points to 4.24% from 1 March 2009.

All our existing customers on tracker, discount and SVR mortgages will receive the full reduction of 0.5% with effect from 1 March 2009.

Terry Jordan, Head of Mortgages for The Co-operative Bank comments: "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".

Throughout the recent financial turmoil The Co-operative Bank has managed to hold a position of financial strength, with a very strong funding model and continued to offer customers an extensive range of mortgage and savings products.

For more information about The Co-operative Bank's mortgage range, visit co-operativebank.co.uk/mortgages