The Co-operative Bank will reduce its mortgage standard variable rate (SVR) by 0.50 percentage points, and pass on the full reduction of the Bank of England base rate to its mortgage customers.
The lender will also apply the reduction to its tracker mortgages in line with terms and conditions.
Co-op Bank said it would also be reviewing the savings rates it offered to customers.
This morning, the Bank of England (BoE) cut the base rate from 0.75 per cent to 0.25 per cent to temporarily help businesses and households through any “economic shock” caused by the COVID-19 outbreak.
A Co-op Bank spokesperson said: “We continually review the rates, and products we have available to ensure we are offering the best rates we can to our customers in the low base rate environment. We will communicate any changes to our interest rates to our customers in due course.
“Although the Coronavirus outbreak situation is still unfolding, we have a number of plans in place to support our customers, and we would encourage any of our customers who have concerns to contact us.”
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
