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Robyn Hall
Just Retirement is going on the road over the next few months. This seminar is in Manchester.
Area Sales Manager - Financial Services - London
North London
Mortgage Consultant / Mortgage Adviser - Fulham
South London
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The Co-operative Bank reduces SVR
17 December, 2008
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, it says.
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."
The Co-operative says that:
§ Despite recent financial turmoil, the Bank has continued to offer a competitive range of mortgage and savings products to customers. This is underpinned by a strong funding model, which means its mortgages are essentially 100 per cent funded by customer deposits. As a result, it has not been necessary for the Bank to access either additional capital or liquidity from any other source including the Government.
§ The Bank remains fully committed to providing quality mortgage and savings products despite the current economic climate and expects its market share to grow during 2009.
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