Co-op customers face mortgage rises

Co-operative BankAround 54,000 customers at the Co-operative Bank are facing a rise in mortgage payments after the mutual became the latest provider to push up its cost of lending.

The Co-op Bank said it will lift its standard variable mortgage rate by 0.5% to 4.74% from May 1, meaning payments will typically go up by around £15 a month, or £180 a year.
The average borrower has a remaining balance of £48,000 and 11.5 years left on their term and would see their monthly repayment increase from £440 to £455 a month.

Higher funding costs and the weak economy were blamed for the increase, which follows other mortgage rate rises from Clydesdale and Yorkshire banks, RBS-Natwest and Halifax.
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