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.
You have two options:
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.
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.
Calls to 0800 and 0808 numbers are free from landlines and mobiles. Calls to 03 numbers cost the same as calls to numbers starting with 01 and 02. Calls to 0845 and 0870 numbers cost 3p per minute, plus your phone company's access charge. Calls to 0844 and 0843 numbers cost 7p per minute, plus your phone company's access charge. If you're calling from outside the UK, call charges may vary.
Calls may be monitored or recorded for security and training purposes.
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.
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:
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 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 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
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.
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 288288
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.
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.
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 288288.
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.
Find more information on Legal & General Lifetime Mortgages, or please contact us for more information.
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.
When you apply for a mortgage, we'll need some things from you, such as:
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.
Existing mortgage customer product switch applications received from 2nd May 2018 up to and including 31 December 2019 will be eligible for a £5 Centrepoint charity donation, on completion. Other transactions relating to existing mortgages including a further advance, porting of an existing mortgage or change of borrower, are not eligible for the donation at this time. The Bank makes a payment to Centrepoint quarterly, for eligible completions during the previous quarter.
Centrepoint is a registered charity in England and Wales, No. 292411.