Co-op withdraws fixed rates
The credit crunch appears to be putting pressure on the UK home loans market - with the second bank in two days withdrawing an entire mortgage range.
It was announced yesterday that the Co-op will no longer offer two year fixed rates, following a similar suspension from online loans lender First Direct the day before.
However, similar to the online loans lender, the Co-op said that the withdrawal would be only temporary.
Head of mortgages John Barker 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."
The loans lender is still currently offering three, five ten and 25 year fixed rate mortgages.
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