Co-op Bank pulls mortgage deals as it struggles to meet demand
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Co-op Bank is closing big mortgage deals for new customers as it struggles to meet demand
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The Cooperative Bank has withdrawn its main offering of new customer mortgage offers as it struggles to meet demand.
Platform, the Co-op Bank’s main mortgage lender, pulled dozens of deals from the market on December 21.
Platform admits the company was crippled by new investigations in the run-up to Christmas.
From the market: Platform, the Co-op Bank’s main mortgage lender, pulled dozens of deals from the market on December 21
The latest offers were only available for a week before they were removed.
The high demand was due to a combination of “competitive pricing and seasonality,” which reduced staff availability to handle new enquiries.
The lowest five-year fixed rate before Christmas was 4.97 per cent for loans over £400,000, while Lloyds offered a similar five-year fixed deal at 4.45 per cent.
Platform, which has completed more than 41,000 mortgage deals in 2021, expects to relaunch its range by January 31, but has not commented on whether it will review rates.
l.purkess@dailymail.co.uk
