Co-op Bank pulls main mortgage deals for new customers as it struggles to meet demand
The Co-operative Bank has withdrawn its main range of mortgage deals for new customers as it struggles to meet demand.
Platform, the principal mortgage lender for the Co-op Bank, pulled dozens of deals from the market on December 21.
Platform admits the business had been crippled by new enquiries in the run up to Christmas.
Off the market: Platform, the principal mortgage lender for the Co-op Bank, pulled dozens of deals from the market on December 21
The latest offers were available for just a week before being removed.
The high demand was due to a combination of ‘competitive pricing and seasonality’, with less staff available to handle new requests.
Its lowest five-year fixed rate before Christmas was 4.97 per cent for loans over £400,000, while Lloyds was offering a similar five-year fixed deal at 4.45 per cent.
Platform, which agreed more than 41,000 mortgage deals in 2021, is expecting to relaunch its range by January 31, but has not commented on whether it will reprice rates.
Advertisement
