Co-operative Bank increase SVR from 4.24% to 4.74%

by Aaron Strutt

Apr 05 2012

The Co-operative Bank has announced it will increase their standard variable rate (SVR) by 0.5% to 4.74%, affecting around 54,000 customers from May 1, 2012.

The bank says that the average customer will see a £15 increase in their monthly repayments. Although, those with more expensive mortgages will see a bigger jump and are more likely to switch to another bank.

Aaron Strutt, a broker at Trinity Financial, told the Daily Mail money section: "Borrowers on SVRs can see their interest rate go up at any time " even if the Bank of England base rate has not increased.

"If potential rises are worrying you, consider opting for a fixed rate, or a tracker pegged to the Bank of England base rate. This will help to guard against future payment shocks."

April 5, 2012