Co-op Pulls Two-year Mortgage Range

By: Markie Shephard

The Co-operative Bank has decided to withdraw its two-year mortgage range on a temporary basis from close of business on 3 April.

It said the decision was based on a desire to create long-term customer relationships and to not compromise its customer service by chasing business volume at any cost.

John Barker, head of mortgages at Co-operative Bank, said: "We are fully committed to providing quality mortgage products in the current economic climate and developing strong and growing relationships with both new and existing customers.

"Our commitment to the mortgage market and our customers is underpinned by a strong funding model, which means our mortgages are essentially 100% funded by customer deposits. Against this backdrop we expect to grow our market share in 2008.

"We have recently provided a range of competitive mortgage deals, which have included a number of "best buy" two-year mortgages. This has led to unprecedented levels of customer interest and demand, which has been fuelled further by the recent actions of other lenders to reprice and withdraw their products.

"However we will still continue to offer an excellent range of competitively priced three, five, 10 and 25-year mortgages to both new and existing customers. These products will be developed further, as they fit strongly with our strategy of creating long-term customer relationships.

Nearly three quarters of UK families have had a household item damaged by a child over the past 10 years, with the average repair or replacement bill costing ?140.61, according to Abbey Insurance.

Abbey's research found that the type of accidental damage caused by different age groups varies. For example, five to 10 year olds were found to be more likely to damage walls and paintwork than their older siblings, and 11-15 year olds more likely to break crockery or glasses.

A further 19% of parents in the South West said they asked their children for reimbursement for damaged household items, compared with 7% of parents in the North West. Those that do not ask their children to pay for damages may

Lloyd Wilson, head of Abbey Insurance, said: "Although it can be expected that children will clumsily damage household items, the cost of replacing damaged goods can come as a nasty shock. It's worth making sure your insurance policy covers every item in your home for accidental damage.

For more information on mortgages why not visit yourmortgage.co.uk, and get the latest information on how to save money and get the best mortgage and life insurance deals on the market.

Also yourmortgage has a section for mortgage insurance and general insurance information. The website covers topics including MPPI, Critical illness, Home Insurance and Income payment protection, Buildings Insurance, Life Insurance. Other websites including www.yourmoney.com, have very useful information that help consumers gain a better understanding of the products or services offered by websites."

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