Co-op and others withdraw best-buy home loans
by Gill Montia
The Co-operative Bank has today withdrawn its three-year base rate tracker mortgage at 5.49%, and its two-year fix-rate home loan at 5.49%.
The products were some of the most competitive in the market and regularly appeared in the top 10 of the best buy tables.
Lenders who remaining at the competitive end of the market say they are being flooded by applications, which they have insufficient funding to meet. They are also concerned about their administration capabilities.
Meanwhile Derbyshire Building Society has scrapped its two-year fix at 5.29% and is withdrawing its 90% loan-to-value two-year fix at 4.99%.
Finally, investment bank Lehman Brothers, will cease to offer its Preferred and SPML products, which are aimed at people with slightly adverse credit histories and the buy-to-let market.
Richard Morea, technical manager at broker London & Country Mortgages, says: “I’ve been in this business for 20 years and I’ve never seen anything like it. Companies are pulling products just days after launching them.”
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