Mortgages, simplified

As part of the change we have cancelled, your Platform or Britannia mortgage Direct Debit and set up a new Direct Debit for your Co-operative Bank mortgage. You do not need to contact your Bank or take any further action.

Platform and Britannia are already part of The Co-operative Bank and we are working to bring all of our brands together under the single brand of The Co-operative Bank.

If you pay your mortgage by Direct Debit you will not need to take any action. We will send you a letter shortly before the change with a summary of the Direct Debit amendment.

We sent you a final Platform mortgage statement to provide the closing position as we move your mortgage over to The Co-operative Bank. This statement will confirm that the change has taken place. If you are a Britannia mortgage customer we will not send you a final Britannia statement. Your statements will continue to be sent annually in January. 

The final Platform mortgage statement will show your mortgage transactions up to the point your mortgage moves. This statement will either show:

• all transactions from your last statement. OR
• from the start of your new mortgage.

Your next mortgage statement will be sent 12 months after your last standard mortgage statement.

If your mortgage used to be with Platform this will be sent at the end of the month you opened your mortgage. E.g. if you opened your mortgage on 15th January 2022 your next mortgage statement will be sent on 31st January 2023.

If your mortgage is currently with Britannia your statement will continue to cover the calendar year and will be issued in January.

Direct Debit is the Bank’s preferred method of payment. When you pay by Direct Debit, we can change your payment automatically if interest rates change. This will help to prevent you from falling behind with your payments or paying too much. It also means that payments will reach your mortgage account in good time.

We would like to remind you that the terms of your mortgage mean that you must use a Direct Debit to make your monthly payment and would reiterate the benefits of a Direct Debit as outlined above. Please call us on 08000 288 288 (call charges) to set this up.

Please contact us to discuss setting up a Direct Debit for your regular monthly payment. If you do need to make a manual payment, the details are changing and you will need to use the account details below:

You will need to:

• change the bank details to include the new sort code and account number you use, to ensure your payment reaches us;
• include your new mortgage account number as the reference.

Refer to the table below for details of the sort code and account number changes:

As we move your mortgage to The Co-operative Bank brand, we will be taking the opportunity to simplify our mortgage account numbers. If your mortgage was with Platform we have removed the leading 1 from your account number e.g. an old account number of 123456789 has become 23456789. We will confirm your new account number when writing to you in due course.

If your mortgage is currently with Britannia we will allocate you with a new account number starting with a 4. This will be confirmed to you in writing at least 10 days before we make the change.

Your Broker is aware of the branding change and will still be able to manage any changes to your mortgage with The Co-operative Bank on your behalf.

If we have previously charged debt recovery charges to your mortgage you have been notified of these in writing and we will have displayed such charges on your mortgage statements. Debt recovery charges will be held in a separate sub account and we will not charge interest. 

We will continue to write to you to inform you of any upcoming changes and you will be still be able to change your mortgage product when your current deal ends. Before we make the change any letters regarding your mortgage will continue to be branded Platform or Britannia. After we make the change, any letters will be branded The Co-operative Bank.

We will ensure that this change does not impact on your application. If your application completes before the change we will simply make the change to your newly completed mortgage. If you have a pending application at the time of the change to The Co-operative Bank brand, we will write to you to ensure you are fully informed of the process. We will continue the application under The Co-operative Bank brand, not the Platform or Britannia one. 

For former Platform customers we formally calculated your interest using an arrears method which means the interest you pay is for the previous month. Going forward we will calculate your interest on a forward basis for the month ahead. We are keeping everything else the same so this change will have no impact on the amount of interest you pay or your monthly payments you make. We will continue to add your monthly interest on the same day and take your monthly payment on the same day. This will ensure nothing changes.

For Britannia customers nothing is changing and the method of charging interest will not change.

Your Offset mortgage will continue to operate as it always has. If you have money in your Offset savings account, you will continue to benefit from paying a reduced amount of interest on your mortgage.

We are making changes to your linked Offset Savings Mortgage account. We are transferring your Britannia Savings Mortgage account to a Co-operative Bank Offset Saver account. Your savings account number will be replaced with a sort code and account number. You can continue to manage your savings in branch, over the phone or by post and in addition will have access to online and mobile banking to manage your savings. We will move your savings account balance to your new account and we will send you details of your new account once it has been transferred.