Mortgages Uncovered

As of 1st January 2009 the Co-operative Bank has recently announced that it intends to cut its interest rates on all its SVR otherwise known as its standard variable rate mortgage products.
The ethical household lender is going to be trimming its SVR mortgage products by 0.5% from its original interest rate of 5.24% down to the new interest rate of 4.74%.

The news was released earlier this month by the bank after the Bank of England’s committee for monetary policy made a unanimous decision to reduce their base lending rate from its original 3% down to 2% at the beginning of December.

The head of mortgages, Terry Jordan at Co-operative Bank announced that he felt it was now vital that this company should effectively balance all the requirements of its customers and that includes both its mortgage and home loan products and its savings account customers.

He also added Co-op group’s Standard Variable Rate products were one of the competitive on the market and even despite the credit crunch the bank had continued to offer a huge range of different products to its customers.

The company has never had any access of additional funding at all during the credit crunch.