Switching your mortgage deal
As our mortgage customer, we’ll take care of you – and offer preferential rates on some of our mortgages at the same time.
- Get preferential rates on some of our mortgages for being a Co-operative Bank mortgage customer.
- Some mortgages available with no product fee.
- Dedicated case owning team to process your application efficiently.
Your home may be repossessed if you do not keep up with repayments on your mortgage
1. Review your current mortgage
If you’re coming to the end of your current mortgage, or you just want a better deal now, it’s important to review the details of your current mortgage. This way you can properly assess the suitability of any new deals.
Speaking to a mortgage adviser at this stage can be helpful.
2. Select a new mortgage
- We offer both fixed rate and tracker deals with preferential rates on some of our mortgages for existing mortgage customers.
Our fully advised service can help you find the right deal for you. Or, if you’d like to select your own deal, you can use our execution only service.
If you're unsure about which option is best for you, contact us on 08000 288 288
3. Apply for your new deal
For all mortgage applications, even if you’re an existing Co-operative Bank mortgage customer, we do an affordability check. We'll never offer you more than we believe you can repay.
See our deals
Repaying your mortgage at the end of your term
Is all or part of your Co-operative Bank or Britannia mortgage on an interest only basis? If so, this means your monthly payment pays only the interest on your loan. It is important that you plan how you will repay the outstanding balance on your mortgage at the end of the mortgage term.
You should check regularly that your repayment plan remains on track. If your plan does not provide sufficient funds to repay your mortgage at the end of the term, you should make alternative arrangements now and it may be necessary to sell your property.
Worried about repaying your final balance?
Don’t delay - the sooner you take action the better. There are a number of ways to close the gap between your outstanding mortgage balance and the value of your current repayment plan e.g. an investment or savings scheme (such as ISA, endowment policy or pension lump sum) which is used to repay an interest only mortgage at the end of the term. In addition, the following options are available.
You could convert some or all of the outstanding balance of your loan to a capital & interest repayment mortgage over a term suitable and affordable to you. We will not charge you for switching from an interest only mortgage to a capital & interest repayment mortgage. This option will ensure that your mortgage will be repaid at the end of the term. If you wish to discuss this matter further please contact us on 08000 288 288.
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.
Independent Financial Advice
If you have concerns regarding your existing payment loan and require on suitable plans we strongly recommend that you seek advice from an Independent Financial Adviser.
- Please remember it is your responsibility to ensure that you have enough funds to repay your mortgage at the end of the term.
Information or documents 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
Protect Your Home with
The Co-operative Bank acts as an introducer to Co-op Insurance. By choosing to find out more, you will be redirected to Co-op Insurance, an external group to The Co-operative Bank.
Co-op Insurance will provide The Co-operative Bank with information about the type of policy you have purchased. We will use this information to reconcile our accounts and to ensure any future marketing communications we may send you (subject to your consent) are relevant.
Co-op Insurance is a trading name of CIS General Insurance Limited; registered in England and Wales with registration number 29999R. Registered office: CIS Building, Miller Street, Manchester M60 0AL. CIS General Insurance Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under register number 435022.
Protect Your Mortgage with Legal & General Mortgage Life Insurance
Also known as life assurance or life cover, life insurance helps you ease the financial strain on your family if you were to die during the policy term. Life insurance could help your family to pay the mortgage, or household bills, and other costs like childcare. You can choose life insurance where the amount of cover stays the same, or decreases in line with the way a repayment mortgage reduces.
Call the Legal & General Support Team: 0800 072 4334
They’re available 9am to 5pm - Mon to Fri and 9am to 1pm on Saturdays (Closed on Bank Holidays)
Calls to 0800 numbers are free from landlines and mobiles.
The Co-operative Bank acts as an introducer to Legal & General. By choosing to find out more, you will be redirected to Legal & General, an external group to The Co-operative Bank.
Legal & General will provide The Co-operative Bank with information about the type of plan you have purchased. We will use this information to reconcile our accounts and to ensure any future marketing communications we may send you (subject to your consent) are relevant.
Legal & General is a trading name of Legal & General Assurance Society Limited, Company registered number 166055; registered in England and Wales with registration number 117659. Registered office: One Coleman Street, London, EC2R 5AA. Legal & General Assurance Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
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.