How to move home (and your mortgage)
How to deal with your old mortgage
Contact your estate agent
Your estate agent will help you put your home on the market, so you can focus on finding your next property.
Check your early repayment charges
If your fixed term is not finished yet, you might be charged early repayment fees if you choose a new mortgage.
Make sure you have a solicitor ready
In some cases, your estate agent and solicitor will work together to make moving as stress free as possible as your completion date comes closer.
Get ready to look for properties
See how much you could borrow
Find out more about our rates, and how much we could lend to you.
Use our calculator
Get your finances in order
From saving a deposit, to building up a good credit history, it's important to make sure you've got everything covered.Check if your finances are in order
Get a mortgage in principle
This is a document that states whether or not you're eligible for a mortgage. It's extremely useful for showing the estate agent you're serious about buying.
- No impact on your credit score
- It only takes 10 minutes online
- There’s no obligation to take out a mortgage with us
- Remember though - getting a mortgage in principle doesn’t guarantee you a mortgage offer. For that you need to go through a full mortgage application.
Get a mortgage in principleCheck our eligibility criteria
Make an offer on the property
When you have found the property you want, it's time to contact the estate agency and place your offer.
Sometimes you may need to negotiate the price with the sellers or compete with other potential buyers.
Always make sure you know the maximum you can afford before you decide how much to offer.See how much you can borrow
Congratulations, your offer on the property has been accepted!
It’s time to think about formally applying for a mortgage.
Apply for your mortgage
Gather your information or documents
When you apply for a mortgage, we’ll need some things from you to confirm your identity, circumstances and mortgage requirements.
You’ll also need a solicitor or a conveyancer to do all the legal work.Check which information or documents you'll need
Completing your full mortgage application could be easier than you think.
- Our Mortgage Team will be with you from start to finish, to explain what’s involved
- If the mortgage you’ve chosen has a product fee, you may need to pay it at this stage.
Your home may be repossessed if you do not keep up with repayments on your mortgage
How to apply
Your application’s complete!
Now we’ll assess your mortgage application, and keep you up to date on its progress.Check what happens behind the scenes
Behind the scenes
We'll check your documents
Our team will start to process your application now. We might need confirmation of income from your employer, so we'll send out a form for you to fill in and return to us.
Instructing your valuation
We'll get our valuer to come and view your property. They'll then check to make sure that the property is in a mortgageable condition and report back to us.
We'll also calculate the expected value of your property.
Once all the checks have been successfully completed, we'll send you a mortgage offer
Moving in is getting much closer now – and there are just a few more steps to take care of.
The solicitors exchange contracts
After you have your mortgage offer, your solicitor will work on the documentation.
Until contracts are exchanged, both you and the seller can pull out.
When contracts are exchanged, you're legally bound to buy, and the sellers are legally bound to sell.
Completion and move in
Congratulations, you're the owner of your new home, enjoy!
After you move in
Your first monthly repayment
Your first payment will be taken one calendar month after completion.
The next payment will be on the date of the month you specified during the application. This payment may be slightly higher due to the way we charge interest.
How to make overpayments
Overpayments are when you pay an extra amount into your mortgage, with the aim of reducing your interest in the long run or reducing your term time.
If you have a fixed rate mortgage, you can overpay by up to 10% of your outstanding mortgage balance each year. If you overpay more than 10% each year during your fixed term, however, you will incur an early repayment charge. Once your fixed term ends, you won't need to pay an early repayment charge.
Customers who have a tracker mortgage can make unlimited overpayments without incurring an early repayment charge.
Full details of early repayment charges are provided with product information available on our rates pages.
Documents or information you'll need to apply:
When you apply for a mortgage, we’ll need some things from you, such as:
- Details of your names and addresses for the last 3 years
- Details of your current income
- Details about the property
Cost related to selling and buying
The estate agent
You might want to start looking for new properties once you've spoken to a few estate agents and gained a better idea of how much your property will sell for.
Estate agents will also be able to liaise with sellers on your behalf.
If you're moving to somewhere bigger, you need to work out how much extra you can afford to borrow. You'll also need to budget for any penalties that you might have to pay for changing or moving your mortgage.
A bigger home may also mean bigger energy, water and council tax bills. So, you’ll need to make sure you can afford any potential increases in your bills as well as an increase in mortgage payments.
Costs related to the mortgage
You will likely need a deposit that'll be a minimum of 10% of the new property price.
Our product fee
For certain mortgage products, there'll be a product fee to pay. This is usually in return for a lower interest rate and can either be paid upfront or added to your loan.
Our valuation fee
This covers the valuation that we'll require to ensure that your property is adequate security for our loan to you.
Legal / conveyancing fees
To purchase a property you will need to appoint a solicitor or conveyancer to act on your behalf. They either charge you a flat fee, or a percentage of the value of the property.
Visit The The Law Society's website to find a suitable solicitor. We also have a recommended panel of solicitors who can provide you with legal advice for purchasing your home.
This is charged on residential properties over a certain value. It all depends on particular price brackets – but you’ll only pay the duty you need on the amount over the threshold.
Stamp duty calculator
Make sure you consider other costs such as building and protection insurance, removal costs and buying new furniture and redecorating.
See if our FAQs can give you the answer.
General information for regulated mortgagesDownload General information for regulated mortgages PDF (210KB)
The Co-operative Bank reserves the right to change or withdraw any of its mortgage deals at any time. All loans are subject to status and valuation.