Co-op withdraws interest-only mortgages

From 8 May, new mortgage customers will only be able to take out mortgages on a capital and repayment basis. Existing interest-only mortgage customers will not be affected by the change. The Co-op said they will still be able to switch to any product from the lender's mortgage range for the same amount of borrowing on an interest-only basis when they come to the end of their deal. The lender said the changes will also apply for mortgages offered through Britannia and residential mortgages offered through Platform, the Co-op’s intermediary arm. It said that a combination of facto...