Switching your existing mortgage deal

If your mortgage product is coming to the end of its deal period or you’re currently on our Standard Variable Rate, we have a range of new products for you to choose from.

Before you switch

Thinking about switching your mortgage product with The Co-operative Bank?

Switching your mortgage product with The Co-operative Bank could mean getting a better rate and saving money. If your existing mortgage product has ended or is ending soon, you can apply to switch to a new product.

For switches where only the mortgage product is being changed, you can expect:

• Products with or without a product fee
• No legal fees
• No need for a credit search
• No need for a new property valuation (in most cases)
• Flexibility to make 10% overpayments per year without incurring any early repayment charges
• A donation made to the charity Centrepoint. Learn more about our work with the UK's leading youth homeless charity.

Our rates are subject to change between your initial application and completion. Please keep this in mind. You have the option to change your product before completion and it is your responsibility to check if better rates have become available.

With a Co-operative Bank mortgage, we calculate interest on a daily basis and apply this to your account on the last day of each month. If you pay your monthly payment on the 1st of the month, this immediately reduces your balance, which means you will avoid additional interest accruing.

Under the Terms and Conditions of our mortgages you must make your monthly mortgage payment by Direct Debit. If you do not currently pay by Direct Debit you will need to set one up before we can proceed with your application. A Direct Debit will always ensure that your payment arrives with us on time and that you continue to pay us the correct amount if you’re on a variable product.

Are you eligible to switch?

You can switch your mortgage with us if:

• You’re a current Co-operative Bank mortgage customer
• Your mortgage is not in arrears
• Your current mortgage is on our Standard Variable Rate (SVR) or you have less than 6 months left on your existing product
• Your property isn't currently let (unless you are serving abroad in the Armed Forces or have a Buy to Let mortgage)
• Your loan to value is up to 100% or above. If you apply online, our products are only available up to 90% loan to value so if your loan to value is higher than 90% you will need to call us to complete your product switch.

For example, if your property is currently valued at £200,000 and you still have £190,000 left to pay on your mortgage, your loan to value is 95%. This means you’d have to call to us in order to switch.

Services available when switching

There are two services available when switching your product: Information Only and Advice.

Regardless of which service you use:

• Our range of products available will be the same
• You’ll need to have your mortgage account number to hand.

Ways to switch

There are a few different ways you can apply to switch your mortgage deal.

Switch your deal online

Please note, our online product switching service isn’t available to everyone. If you cannot apply online you may still be able to apply to switch your deal over the phone. Please see the apply to switch by telephone section below.

For example, you can’t apply to switch online if:

• You have 12 months or less left on your mortgage
• You want to borrow more or change your mortgage term
• You have a shared ownership or shared equity mortgage (both of these are schemes to help you buy your home, if you are unsure if this applies to your mortgage please see the definitions below)
• You have more than 6 months left on your existing product
• Your mortgage is in arrears
• You have a minimum outstanding balance of £5,000
• The fixed term you’d like is longer than your remaining mortgage term
• You want to add or remove an account holder to or from the mortgage
• You want to change the repayment method eg. from interest only to capital and interest
• You want to switch more than 3 accounts associated with your mortgage (referred to as sub accounts)
• You have an interest-only mortgage, and you do not have a repayment plan in place to repay the balance at the end of your mortgage.

A shared ownership mortgage is where a percentage of the property is purchased by you which you have a mortgage on and you pay rent for the remaining share of the property, normally to a housing association.

A shared equity mortgage is where you will have taken out a shared equity loan to pay for part of the deposit on your property as well as your mortgage.

Things to know before you switch

Before you begin your mortgage product switch online, you should know:

• The details of the product you’re looking to apply for and be comfortable to choose your own mortgage product without our advice. You will be able to view available products within the online journey.
• How you will pay if you choose a mortgage product with a fee — for example, this could be upfront or added to the loan. If you choose to add the fee to the loan, you will pay interest on this fee over the full term of your mortgage.
• You are entitled to request more than one illustration on any of our products that you qualify for. If you do require more than one illustration, please call us on 08000 288 288 to discuss your options before completing your application online. Call charges
• We require you to complete your application and return any documents to us (if required) by the 15th of the month prior to maturity. For example, if your product ends on 31st October, we need to have received the application and had any relevant documents returned to us by 15th October. If you apply for a product switch after the 15th of the month prior to maturity, you WILL have to pay a full month on the Standard Variable Rate and no refunds or backdates will be processed.
• You will be switched from the 15th of the month prior to the maturity date to ensure the first payment is made on the new product rate and not paying our Standard Variable Rate. If you are entering a product with a higher rate, we will adjust the interest to the product start date to ensure there is no additional interest paid. If you apply for a product switch after the 15th of the month prior to maturity, you WILL have to pay a full month on our Standard Variable Rate and no refunds or backdates will be processed. Requests to cancel or change to the product switch after the 15th will not be accepted.
• If your mortgage product has already ended, or you are applying to come out of a product early, you should return the forms to us as soon as possible. This will help us move you onto your new rate as soon as we can. To give us enough to time to change your Direct Debit payment, we need all paperwork (if applicable) back by the 15th of the month before your next monthly payment. If it is received after this date, we may be unable to adjust your next payment in time to reflect your new product.

Pipeline Confirmation

If the application in question was made prior to 11/02/2025, then you are able to make changes to the application post the 15th, however their first payment WILL be on the Standard Variable Rate and no refunds or backdates will be processed.

If the application was made after 11/02/2025, you can cancel or make changes to a product transfer on or before the 15th of the month before maturity. Requests to cancel or make any changes after this date will not be accepted.

If a signed Form of Authority is required, please return this by the 15th of the month before maturity. If it is received after this date. You WILL revert to the Standard Variable Rate for the first payment and no refunds or backdates will be processed.

Apply to switch by telephone

If you’d prefer not to apply online, are not eligible to apply online, or would like to receive mortgage advice, you can apply to switch by telephone. Should you want advice, you will need:

• Access to details of your income, including your most recent payslip
• Your latest bank statement, including full details of your outgoings
• Details of all loans and credit cards.

Call us today on 08000 288 288 to discuss your options and arrange a telephone appointment — this shouldn't take too long. Call charges