Co-operative Bank mortgage rate reduced

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Co-operative Bank mortgage rate reduced

Following yesterday's decision by the Bank of England to reduce the base rate from 5.25 per cent to five per cent, the Co-operative Bank has announced that it is to cut its standard variable rate (SVR) by a quarter point.

All rates on the bank's tracker and discount mortgages will also be trimmed by the same amount.

The change will be effective from April 14th 2008 for new customers and May 1st for existing customers.

On average, the SVR for the UK's main lenders currently stands at 7.2 per cent, according to Fool.co.uk.

The financial advice website noted that lenders are not required to link their SVR's to the Bank's base rate, but a number of major lenders have already announced that their rates will be reduced.

In addition to the Co-operative, NatWest, Nationwide and several others have declared that their rates will be cut by 0.25 per cent.
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