Co-op pulls mortgage products
The Co-operative Bank (Co-op) has confirmed that its range of two-year fixed rate mortgages will be withdrawn from sale.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.
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