UK Money News
3rd April 2008
Co-operative Bank joins mortgage exodus
The Co-operative Bank has become the latest lender to cut its range of mortgages, it has been announced.
As of today, the mortgage provider will withdraw its range of two-year fixed rate home loans.
It is thought that the move has been prompted by other lenders withdrawing similar products, which in turn fuelled a stampede of applications to Co-op from borrowers.
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."
Co-op's announcement comes after online bank First Direct yesterday confirmed it is to suspend all new mortgage lending, making it the first major lender to do so.
Elsewhere, Lehman Brothers' subsidiaries Preferred Mortgages and Southern Pacific Mortgages, which specialise in sub-prime loans, have also suspended all mortgage loans.
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