Platform is increasing its SVR (standard variable rate) following the Bank of England upping the base rate from 0.10% to 0.25%.

The bank’s SVR will raise from 4.34% to 4.49% as of today, Monday 20 December.

For existing customers, the change to 4.49% SVR will not come into effect until 1 February 2022.

The intermediary arm of The Co-operative Bank is also reducing rates on a selection of its non-SVR mortgage products by up to 0.30%. 

The reduced rates include:

·       5 year fixed rate at 1.55% at 60% LTV with a £0 fee and £250 cashback available

·       2 year fixed rate at 1.73% at 80% LTV with a £0 fee and £250 cashback available

·       5 year fixed rate at 1.64% at 80% LTV with a £1,499 fee and £250 cashback available

·       5 year fixed rate at 3.04% at 95% LTV with a £0 fee and £1,000 cashback available

The Co-operative Bank director of mortgage distribution says: “Although we saw the first rise in Bank of England Base Rate in three years following the MPC meeting on December 16, we continually review our product range to ensure that we’re offering the most competitive rates, and best value mortgage options for our broker partners, and as a result we are announcing some rate reductions on select mortgages today.

“We’re also making changes to our higher LTV mortgages, including increasing cashback on 3 and 5 year fixed rate mortgages at 95% LTV with cashback now increased to £1,000 on these products, this is great offer for first time buyers looking for the right mortgage deal for their circumstances.”