Mortgages, simplified

Here you can find our latest updates as we bring our Platform and Co-operative Bank mortgages together under the single brand of The Co-operative Bank.

Your Platform mortgage brand has changed

We have simplified our mortgages by bringing all of our Platform and Co-operative Bank mortgages together under the single brand of The Co-operative Bank.

Your monthly payments and mortgage balance will remain the same. As long as you make your monthly payments by Direct Debit, this will continue to be the case following the change and there is nothing for you to do. Below you will find all the details of how these changes could affect you.

Platform part of the The Co-operative Bank to The Co-operative Bank

Things that will change

Your payment details

Any details which are currently used for overpayments, standing orders, or manual payments will change going forward. We will confirm the payment details closer to the change.

Payments if you do not currently pay your mortgage by Direct Debit

If you do not currently pay your mortgage by Direct Debit, you’ll need to give us a call to set this up. You can call us on 08000 288 288 (call charges apply).

Mortgage payments must be paid by Direct Debit. Any payment details which are currently used for overpayments such as standing order or manual payments will change going forward. If you’re already paying your mortgage by Direct Debit, this will not affect you.

How we calculate your mortgage interest

The way we calculate interest on your account will change. We have explained below what this change is. There will be no change to your monthly payments and you will not pay more interest.

Today, we calculate the interest that is due after you have made your payment for the month. This means we work out the interest when your mortgage balance is lower.

Going forward, we will work out the interest on the 1st day of each month. If you make your mortgage payment after the 1st, this means you would pay more interest. To make sure this does not happen, we will apply a refund of interest which we will work out after taking your monthly payment, when your balance is lower.

We will show this lower amount of interest, after the refund, on your mortgage statement. Your mortgage terms and conditions will change to reflect the above wording.

Debt recovery charges

If any debt recovery charges have been applied to your account previously, these have not been charged interest and no interest will be charged on these going forward.

However, if any new debt recovery charges are applied in the future, interest will be charged on these, but only from the date they are applied to your account.

Frequently asked questions

As part of the change we have cancelled your Platform 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 is 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 are sending 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.

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. 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.

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 Direct Debit as outlined above. Please call us on 01752 263 550 (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:

Overpayments. If you would like to make a one off payment towards your mortgage, use the NEW account details Sort code 08-93-02 Account number 97880013 Use your NEW mortgage account number as your reference number
Standing order payments. If you pay your mortgage by standing order you will need to update to the NEW account details Sort code 08-93-02 Account number 97883405 Use your NEW mortgage account number as your reference number
Pay off Mortgage. If you have received a redemption statement and would like to pay off your mortgage you will need to use the NEW account details Sort code 08-93-02 Account number 97883298 Use your NEW mortgage account number as your reference number
Third party payments. If a 3rd party makes a payment on your behalf such as Department for Work and Pensions (DWP) contact them to update to the NEW account details Sort code 08-93-02 Account number 97940982 Use your NEW mortgage account number as your reference number



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

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.

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. 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 one. 

Currently we calculate 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.

Fraud safety tips

We know that changes like this can make you worry about fraud and getting scammed. Here are some tips that could help you stay safe:

  • Never click on website links or enter any personal data on websites that ask you to share any personal or financial information.
  • Remember that we will never ask you to move your money into another account to keep it safe.
  • Never download anything that enables other people to access your devices remotely.
  • If you believe you’re being targeted or have been a victim of a scam, call our Fraud line on 159 to report it to us.

What makes us ethical?

It’s our values and ethics that really set us apart as a bank— and it always has been, since 1872. With a customer-led Ethical Policy, we give you a say in how your money is used, as well as standing up for the causes that matter to you and our colleagues. Because unlike a lot of banks, we don’t finance the production or extraction of fossil fuels, fund logging in the Amazon, or do business with organisations that fail to implement basic human rights.

Your money has power. And putting it in the right place can make all the difference.

Learn more about what makes us different

Your eligible deposits held by a UK establishment of The Co-operative Bank plc are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit guarantee scheme. This limit is applied to the total of any deposits you have with the following: The Co-operative Bank, Britannia and smile. Any total deposits you hold above the limit between these brands are unlikely to be covered.

Please click here for further information or visit www.fscs.org.uk

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