Co-op takes two year mortgage off shelves

Like many other lenders over recent months the Cooperative has reduced its mortgage range recently by taking its popular two year mortgage deal off the shelves.

The bank said that the popularity of the mortgage is such that it can no longer keep up with demand.

An official from the Cooperative 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.”

The bank 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.”

It went on to state: “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.”