The Cooperative bank for intermediaries has cut a range of its tracker and standard variable rates by 25 basis points following the Bank of England’s cut in the cost of borrowing.

The lender says the move will affect its mainstream and landlord mortgage products among its new business and retention ranges.

New business 

Mainstream

Lifetime tracker down by 25bps

Standard variable rates down by 25bps to 7.62%

Professional Mortgage

Standard variable rates down by 25bps to 7.62%

Buy to Let

Two-year trackers down by 25bps

Reversionary down by 25bps to 7.62%

Help to Buy

Welsh scheme only:

Standard variable rates down by 25bps to 7.62%

Retention

Mainstream

Lifetime trackers down by 25bps

Standard variable rates down by 25bps to 7.62%

Buy to Let

Two-year trackers down by 25bps

Reversionary down by 25bps to 7.62%

Help to Buy

SVR down by 25bps to 7.62%

The move comes after the central bank’s rate-setting Monetary Policy Committee lowered the cost of borrowing by 0.25% to 4.75% last Thursday, its second cut since August.