In the News - The Cooperative Bank
Co-op latest lender to withdraw mortgages
The Cooperative Bank became the latest UK mortgage lender to scale back its lending activity after it announced yesterday that it had stopped offering home-buyers 2-year introductory deals. This followed a similar move by First Direct yesterday (reported in yesterday's 'In the News') which withdrew all its new mortgage products. Both The Cooperative Bank and First Direct claim that the moves are temporary and are in response to too-high levels of demand for their products.
US bank, Lehman Brothers, also announced yesterday that its UK mortgage brands, Southern Pacific Mortgage Limited and Preferred Mortgages, which specialise in lending to people with poor credit history, were withdrawing all their new mortgage products.
Fears have grown that Halifax will be the next bank to cease mortgage lending.
(Sources: Guardian.co.uk Telegraph.co.uk)
Rate these businesses/organisations:
- Co-operative Bank PLC (5.00
) - Southern Pacific Mortgage Ltd (-.--)
- Preferred Mortgages Ltd (-.--)
- Halifax (-3.61)
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03-Apr-2008 10:03:05
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