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Co-operative Bank to increase SVR by 0.5%

The Co-operative Bank is to increase its standard variable rate by 0.5 per cent from 4.24 per cent to 4.74 per cent.

The change will take effect from May 1 and Co-op says customers can switch onto any product in its current range, should they meet the criteria.

For those with an LTV of 90 per cent or more, the lender will allow them to a five-year fixed rate on the same rate they are currently on without having to pay any additional fees.

Co-op says customers will pay £15 a month more on average and it says it is currently contacting its customers to let them know.

The lender says the change was brought about due to “changing conditions in the mortgage market and the increased cost of funding”.

In March, Clydesdale and Yorkshire Banks announced their SVRs would increase from from 4.59 per cent to 4.95 per cent from May 1. That same month, Halifax announced it would increase its SVR from 3.49 per cent to 3.99 per cent from May 1 and Bank of Ireland announced its SVR would increase in two stages to 4.49 per cent from 2.99 per cent by September.

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