Two year mortgage range taken off shelves by Cooperative
May 10, 2008
Officials from the Cooperative Bank have revealed that they are withdrawing their range of two year mortgage deals, stating that their best buy two year mortgages have become so popular that they cannot keep up with demand. An official from the bank said: “The Co-operative Bank is fully committed to providing quality mortgage products in the current economic climate and developing strong and growing relationships with both new and existing customers.”
He added: “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, an attractive product range and a market leading brand position in terms of customer service and ethics. Against this backdrop we expect to grow our market share in 2008.
“We have recently provided a range of very 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.”
He concluded: “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 from close of business on Thursday 3rd April. However we will still continue to offer an excellent range of competitively priced 3, 5, 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.”
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