Thursday 3rd April 2008
The Co-operative Bank (Co-op) has confirmed that its range of two-year fixed rate mortgages will be withdrawn from sale.
According to a statement from John Barker, the head of mortgages at Co-op, the products will be pulled as of the close of business tonight.
The bank will continue to offer its range of three, five, ten, and 25-year mortgages to both new and existing customers.
The decision to withdraw the loans comes after a rash of applications, which was in turn fuelled by rival lenders removing similar products from the market.
John Barker, head of mortgages at Co-op, said: "We pride ourselves on our ability to create long-term customer relationships and will not compromise our market leading levels of customer service, by simply chasing business volume at any cost.
"We have as a result, therefore, decided to withdraw our two-year mortgage range on a temporary basis."
The mortgage market exodus continued to worsen yesterday with the news that online bank First Direct has suspended all new mortgage lending on a temporary basis.
|
Mortgages
Just when many analysts had come to terms with the 3.5% rise in retail sales in May and the fact this did not seem correct, June has seen a fall of 3.9% in sales – the worst fall in 22 years. The... 
.gif)
.gif)
.gif)
