Following changing conditions in the mortgage market and the increased cost of funding, The Co-operative Bank will be raising its standard variable mortgage rate (SVR) by 0.5 per cent (from 4.24 per cent to 4.74 per cent) from 1st May 2012.
“When changes are made that impact our customers, we do seek to ensure that wherever possible we provide solutions for them,” said the Co-op. “We do recognise that some of our customers who have a higher loan to value (LTV) on their mortgage may be particularly concerned about this change and we have specifically put measures in place to make alternative options available for these customers.”
The average increase seen by SVR customers will be £15 per month.
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