The Co-Operative Bank, an innovative and environmentally-friendly UK mortgage lender, has decided to stop two-year mortgage loans, citing the fact that demand is outstripping supply.
The news is a further example of a lender unable to handle unprecedented high levels of demand from consumers, even as other lenders make their products more expensive or take them off the market entirely.
The Co-Operative Bank were reported as commenting: "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."
The Bank reportedly continued: "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."
Co-Op Bank drops two-year mortgages
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Co-Op Bank drops two-year mortgages
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