Switching your mortgage deal
If your mortgage product is coming to the end of it's deal period or you are currently on our Standard Variable Rate, we have a range of new products for you to choose from.
- Some mortgages available with no product fee.
- Dedicated case owning team to process your application efficiently.
- The mortgages that we offer are from our own range only. You are entitled to request more than one illustration on any of the products that you qualify for.
Apply to switch your mortgage deal
You have two options:
- Complete an Advised application, where a Mortgage Adviser can help you choose the most suitable product for you.
- Complete an Execution Only application (subject to eligibility).
Our range of products available will be the same regardless of which service you choose. Here is an explanation as to what each service offers.
The Advised Service
We offer an advised mortgage service where one of our expert Mortgage Advisers will collect information about your personal circumstances so they can recommend a mortgage that is suitable for you.
You will benefit from the protection afforded by the Financial Conduct Authority (FCA) rules in relation to assessing suitability, and we do not charge a fee for providing this advice.
Should you choose the advised route, your Mortgage Adviser will discuss your needs and circumstances and make a suitable recommendation prior to applying for the switch. To fully assess your situation, it is important that you have all the information below to hand.
- Full details of your income, including non-salary income.
- If you are employed, your most recent pay slip available.
- If you are self-employed, please have documents confirming your last year company net profits, salary and dividends (where applicable).
- Your latest bank statement, including full details of your expenditure.
- Details of all loans and credit cards, including current balance and monthly payments.
- If an element of your mortgage is interest only, details of your current repayment plan including monthly cost and maturity value.
The Execution Only Service
This option is suited to those who already know which mortgage product they are looking for.
Should you choose this approach, The Co-operative Bank will not provide any advice, assess the suitability of, or recommend, any new product to you. You will be responsible for making your own choice of product by referring to the list provided on our website or sent in the post (if requested) and you will not benefit from the regulatory protection you would get from receiving advice.
Should you choose to make an 'Execution Only' application, it simply means that you will choose your own product without any help from us. During the application, we will ask you some questions about your existing mortgage to confirm your eligibility and which product you would like to switch your mortgage to. Following this, you will receive full details in the post about your new product and your new repayment amount, which you will need to review, sign and return before we can complete the switch at the appropriate time.
However, you will not be able to proceed on an Execution Only basis if:
- You require any additional lending.
- You request any other variations i.e. term increase, transfer of equity etc.
- You have had any arrears in the last 12 months.
- Your mortgage has any of the following features: shared ownership/equity schemes, guarantor, offset etc.
- Your mortgage is a Buy to Let or we have given consent to let.
This is not an exhaustive list, if you are not eligible for the Execution Only service, you will be made aware during your initial call and offered an appointment with a Mortgage Adviser.
To ensure you understand the implication of using the Execution Only service, you will be asked to complete an Execution Only declaration when you return your offer to us.
The key points of this are:
- You will not receive any advice and/or a personal recommendation from the Co-operative Bank as to whether the mortgage meets your specific requirements.
- The Co-operative Bank will not be obliged to and will not assess the suitability of this mortgage to your individual needs and circumstances.
- You are waiving any protection that the Financial Conduct Authority's regulations on mortgage suitability would bring to you.
- By progressing on an Execution Only basis you will not benefit from the protection offered by the Financial Conduct Authority (FCA) rules in relation to assessing suitability. If you subsequently decide that the mortgage product you have chosen is not suitable you will have no right of complaint in relation to this mortgage product.
Independent Financial Adviser (IFA)
You may choose to review your mortgage options with an independent financial adviser who will be able to consider options from a wider range of mortgage providers. Some organisations provide free and impartial advice that you may want to contact. These are listed below.
The Money Advice Service
The Money Advice Service is independent and has been established by the government to help people make the most of their money by giving free, impartial advice. As well as advice about money management and how to make informed choices on the right products for you, the service offers information on a wide range of other money topics.
Visit The Money Advice Service website today for advice, tips and tools, including a mortgage calculator, to help you make informed decisions on all money matters.
Alternatively you may want to get advice from an Independent Financial Adviser who will be able to suggest options from a range of mortgage providers. Please note that there may be a charge from this advice and you should check before going ahead with it.
Your home may be repossessed if you do not keep up with repayments on your mortgage
What it'll cost each month
Find out what you could be paying each month with one of our mortgages.
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.
One option could be to consider taking out a lifetime mortgage to pay off your outstanding mortgage balance with us. A lifetime mortgage is a form of equity release secured against your home which is repaid on death or on moving into long term care. The Co-operative Bank doesn’t offer this type of mortgage, but we have partnered with Legal & General to offer their Lifetime Mortgage product to our customers. A lifetime mortgage is not suitable for everyone and acceptance is subject to eligibility criteria.
More information on Legal & General Lifetime Mortgages can be found
here, or please contact us for more information.
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.