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The Co-operative Bank has decided to withdraw its two-year mortgage range on a temporary basis from close of business on 3 April.
It said the decision was based on a desire to create long-term customer relationships and to not compromise its customer service by chasing business volume at any cost.
John Barker, head of mortgages at Co-operative Bank, said: “We are fully committed to providing quality mortgage products in the current economic climate and developing strong and growing relationships with both new and existing customers.
“Our commitment to the mortgage market and our customers is underpinned by a strong funding model, which means our mortgages are essentially 100% funded by customer deposits. Against this backdrop we expect to grow our market share in 2008.
“We have recently provided a range of competitive mortgage deals, which have included a number of “best buy” two-year mortgages. This has led to unprecedented levels of customer interest and demand, which has been fuelled further by the recent actions of other lenders to reprice and withdraw their products.
“However we will still continue to offer an excellent range of competitively priced three, five, 10 and 25-year mortgages to both new and existing customers. These products will be developed further, as they fit strongly with our strategy of creating long-term customer relationships.”
The truth about house prices
We are constantly bombarded with, often conflicting, information regarding house prices. Paula John provides a round-up of the major indices, explaining why they differ.
The July/Aug issue of Your Mortgage is on sale now. In it we explain who now owns which UK banks and building societies; the ins and outs of interest-only mortgages, who they are appropriate for and the options for paying them off; we explain how offset mortgages work and how you could use one to make the most of your money, and why buying property overseas right now could be a smart move – if you look in the right place and arrange the right finance. Get your copy for the latest news, information and help.
The Your Mortgage Awards aim to reward those lenders that have excelled in providing innovative and competitive products. Widely regarded as the UK's definitive consumer mortgage awards, the Your Mortgage Awards have now been running for 20 years.





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