Tracker rate
With our tracker mortgage your monthly repayments will be calculated in line with the Bank of England Base rate. So, if the Base rate goes down so will your monthly mortgage repayments. Please note, if the base rate increases this will also be reflected in your monthly mortgage repayments.
With this mortgage you can also apply:
- to make overpayments to reduce the term of your mortgage.
- to make underpayments to reduce the amount of your monthly repayments for up to 6 months.
- to take a payment holiday for up to 6 months
If you are switching your existing mortgage to us, we'll also pay your standard legal fees and basic valuation fees for you (remortgagers) if you use our recommended solicitors and surveyors
Rest assured this mortgage is also portable so should you want to move before your term has finished you can simply take your current mortgage to your new home. Subject to The Co-operative Bank's Lending Criteria.
Rates
| Mortgage | Initial Rate/Period | Rate mortgage will then change to for remainder of mortgage | Overall Cost for comparison (APR) | Application Fee | Early Repayment Charges | Exit Fee |
|---|---|---|---|---|---|---|
| 3 Year Tracker For Current Account Customers* (Bank of England Base Rate plus 2.99%) | Currently 3.49% until 31.05.13 | Our Standard Variable Rate currently 4.24% | 4.1% | £199 |
These will apply for 3 years | £140 |
| 3 Year Tracker For Privilege / Privilege Premier Account customers** (Bank of England Base Rate plus 2.99%) | Currently 3.49% until 31.05.13 | Our Standard Variable Rate currently 4.24% | 4.1% | £0 | These will apply for 3 years | £140 |
| Mortgage | Initial Rate/Period | Rate mortgage will then change to for remainder of mortgage | Overall Cost for comparison (APR) | Application Fee | Early Repayment Charges | Exit Fee |
|---|---|---|---|---|---|---|
| 3 Year Tracker For Current Account Customers* (Bank of England Base Rate plus 2.49%) |
Currently 2.99% until 31.05.13 |
Our Standard Variable Rate currently 4.24% | 4.0% | £199 | These will apply for 3 years | £140 |
| 3 Year Tracker For Privilege / Privilege Premier Account customers** (Bank of England Base Rate plus 2.49%) |
Currently 2.99% until 31.05.13 |
Our Standard Variable Rate currently 4.24% | 4.0% | £0 | These will apply for 3 years | £140 |
* Customer must:
1. Hold one of the following Co-operative Bank / smile current accounts (if joint application only one applicant needs a qualifying account);
a. Standard Current Account
b. Current Account Plus
c. smile Current Account
d. smilemore
e. Privilege Account
f. Privilege Premier
(customer can open a new current account then apply for mortgage, customer does not need to be able to show a history of transactions, although min transactions required once mortgage has completed)
2. Agree to maintain the account by ensuring at least 5 transactions (credit or debit) are made through the account each month.
3.Pay the mortgage Direct Debit from the qualifying account. If the customer fails to meet these criteria at any point either during application process or after completion, we reserve the right to increase the current rate by 1.00%.
** Customer must fulfil all 3 criteria below;
1. Hold one of the following Co-operative Bank / smile current accounts (if joint application only one applicant needs a qualifying account)
a. smilemore
b. Privilege Account
c. Privilege Premier
(Customer can open a new current account then apply for mortgage, customer does not need to be able to show a history of transactions, although min transactions required once mortgage has completed (see note 2 below)
2. Agree to maintain the account by ensuring at least 5 transactions (credit or debit) are made through the account each month.
3. Pay the mortgage Direct Debit from the qualifying account
- If the customer fails to meet these criteria at any point either during application process or after completion, we reserve the right to increase the current rate by 1.00%.
Application Fee
You can pay this fee when your mortgage completes or you can add it to your mortgage. If you choose to add this fee to your mortgage you will be charged interest on it during the term of the mortgage.
Early Repayment Charges
3 Year Tracker For Current Account Customers
Additional payments over 10% of balance or redemption in first 3 years:
- 3% until 31.05.11
- 2% from 01.06.11 to 31.05.12
- 1% from 01.06.12 to 31.05.13
3 Year Tracker For Privilege / Privilege Premier Account Customers
Additional payments over 10% of balance or redemption in first 3 years:
- 3% until 31.05.11
- 2% from 01.06.11 to 31.05.12
- 1% from 01.06.12 to 31.05.13
How to apply
If you would like more information about this product, any of our product range or would like a full illustration please call our specialist team on 0800 0288 288.
Interest Only Borrowing
The Maximum Loan to Value allowed for Interest Only mortgage applications is 75%. If your mortgage is on an interest only or a part capital, part interest only basis, it is your responsibility to ensure that you have a repayment method in place which will repay your mortgage within your chosen term.
Lending into Retirement
If your Mortgage Term extends into your proposed retirement age, it is your responsibility to ensure that you have sufficient financial provision in place to support your lending into retirement.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
