Switching your existing mortgage deal

If you're an existing mortgage customer, you can switch to a new deal from our available products.

On this page:

Benefits of switching with us
Application deadlines
Eligibility criteria
Apply to switch online
Apply to switch by phone

Benefits of switching with us

Switching your mortgage product with us could mean getting a better rate and saving money.

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.

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.

Application deadlines

When to apply

You must complete your application and send any required documents by the 15th of the month before your current deal ends.

For example, if your deal ends on 31 October, we need everything by 15 October.

New product start date

We'll switch you on the 15th of the month before your current deal ends to ensure your first payment is made at the new rate, not the Standard Variable Rate. If your new rate is higher, we’ll adjust the interest so you do not pay extra.

What happens if I miss the deadline?

If you apply after the deadline, you will:

pay a full month on the Standard Variable Rate
not be eligible for backdating or refunds
not be able to cancel or amend your product switch

If your mortgage deal has ended or you're leaving a product early, send us the required completed forms as soon as possible. This helps us apply your new rate faster.

Direct Debit changes

To update your Direct Debit in time, we need all paperwork by the 15th of the month before your next payment. If we get it later, we may not be able to adjust your next payment in time.

Eligibility criteria

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 or you have less than six months left on your existing product
your property is not currently let (unless you are serving abroad in the Armed Forces or have a Buy to Let mortgage)

If you apply online, our products are only available up to 90% loan to value. If your loan to value is higher than 90%, you'll need to call us to 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 to switch.

Apply to switch online

You may be able to complete your product switch online if your mortgage meets our eligibility criteria. If it does not, you may still be able to apply to switch your deal over the phone.

You cannot apply to switch online if:

you want advice about choosing your new mortgage deal
you have 12 months or less left on your mortgage
you want to do more than just apply for a new deal (for example, apply for additional borrowing)
you have a shared ownership, shared equity mortgage or Help to Buy mortgage
you have more than six months left on your existing product
your mortgage is in arrears
your outstanding balance is less than £5,000
the fixed term you'd like is longer than your remaining mortgage term
you want to switch more than three accounts associated with your mortgage (referred to as sub accounts)
you have an interest-only mortgage, and no repayment plan in place to repay the balance at the end of your mortgage

Definitions

A shared ownership mortgage is where a percentage of the property is purchased by you using a mortgage 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.

A Help to Buy mortgage is designed to help first-time buyers buy a property with a 5% deposit. The government lends you between 5% and 20% of the cost of a new-build home as an equity loan.

Execution-Only Declaration

An execution-only declaration means you are choosing to proceed without receiving advice from us (referred to as non-advised), and you have decided which deal suits your circumstances better.

By continuing you confirm that:

you have not and will not receive advice on this mortgage change from The Co-operative Bank plc
we are not giving you advice about whether this option is right for you
we will not check if it's the right product or if you can afford it (we will ask some questions to see if you qualify, but that is not advice)
choosing non-advised means you will not get certain protections from the Financial Conduct Authority (FCA) – these protections help check if the product is right for you and if you can afford it
if you later think you picked the wrong product, you will not be able to complain that it was not the right choice

If you want advice, you can call us to arrange an appointment on 08000 288 288 Call charges.

To continue, confirm that you:

Please tick to confirm you've read and understood the above

I/we have read and understood the execution-only declaration and wish to continue on a non-advised basis.

For mortgages with more than one borrower, you are confirming that each borrower agrees to the statements above.

Apply to switch online

Note: You can cancel or change a product transfer on or before the 15th of the month before maturity. Requests to cancel or change product transfers after this date will not be accepted.