Co-op cuts SVR to 4.74%

The Co-operative Bank has reduced its SVR by 0.5% effective January 1.

This brings the rate to 4.74% from January 1.

Terry Jordan, head of mortgages for Co-op, says: “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

“Co-op 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.”