Co-op shelves two year mortgage
May 19, 2008
Over recent months many lenders have decided to take a variety of mortgage products off the shelves due to lack of funding or lack of supply compared to demand. In a recent announcement the Cooperative Bank stated that it was taking its popular two year mortgages off the shelves for now, as it was unable to keep up with demand. Many banks and lenders have suffered difficulties in securing finance for their mortgage lending operations due to the credit crunch, and this has affected their ability to keep up with demand.
One spokesperson 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.’
He also went on to state: “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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