The Co-operative Bank was founded as the Loans and Deposit department of CWS in 1872 and today offers a wide range of mortgages, loans, accounts and credit cards to its customers. If you’re in the market for a mortgage, The Co-operative Bank offers products to suit first-time buyers, people who are moving home, and borrowers looking to re-mortgage to find a better deal.
Since 2018, the lender has only offered new mortgages through its intermediary mortgage brand, Platform.
Overall representative example If you borrow £178,000 mortgage over 25 years initially at 4.49% fixed for 60 months reverting to 7.99% variable for term. 60 monthly payments of £988.37 and 240 monthly payments of £1306.89. Total amount payable £373,335.80 includes loan amount, interest of £194,956, valuation fees of £0 and product fees of £0. The overall cost for comparison is 6.7% APRC representative.
Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
What types of mortgages can I get with the Co-operative Bank?
Fixed rate Your interest rate will remained locked for a set amount of time.
Remortgages You can switch from your existing mortgage provider by applying for one of Platform’s remortgage products.
Variable rate Your interest rate will shift up and down based on various economic conditions
Tracker The interest rate will fluctuate in line with the Bank of England base rate.
Buy to let This mortgage allows you to borrow money to buy an additional property and let it out.
Cashback With these mortgages, you’ll have a cash bonus paid into your bank account following the confirmation of your mortgage.
Shared ownership With a shared ownership mortgage, you can buy a percentage of the property and pay rent on the remainder. You can then apply to buy additional percentages of the property as and when you can afford it.
How to apply
Mortgage through the Co-operative Bank brand are no longer available to new customers as it has become an intermediary-only brand. However, new customers can apply for a mortgage through the Platform brand, which is owned by The Co-operative Bank. Platform offer a wide range of mortgages, including two, three and five year fixed rate mortgages and two year tracker mortgages. If a mortgage from Platform piques your interest, you’ll need to use a mortgage adviser to get one.
What information do I need to provide?
You’ll be asked to provide proof of identity, proof of address, recent bank statements, plus your last three monthly payslips or your last two SA302 forms if self-employed. Proof of deposit may also be required.
Eligibility criteria
You’ll need to be at least 18 years old when applying and no older than 75 when your mortgage term is due to end.
Platform will lend a maximum of 4.85 times your annual income. Applicants with unsatisfied CCJs, major criminal convictions or IVAs within the last six years will be declined.
Frequently asked questions
For a two-year fixed rate mortgage from Platform, the average rate is around 1.91%, lower than the industry average of 2.81%. Tracker mortgages from Platform, meanwhile, have a minimum interest rate which is the same as the initial interest rate. This means that interest payments may go up if the base rate increases, but will never decrease below the initial rate.
Yes, you can, but only if your mortgage is a flexible mortgage account. If you’re unsure of your account’s details, you can contact Platform on 01752 236555. Bear in mind that while Platform/The Co-operative Bank are able to discuss your options based on your circumstances, it can’t advise you on the best course of action.
Yes, it can. The Co-op’s advised mortgage service involves the collection of information about you and your circumstances by an expert mortgage adviser, who’ll then be able to recommend a suitable mortgage. To access this service, you’ll need to book an appointment with a mortgage adviser, which can be done over the phone on 01752 236550.
To contact The Co-operative Bank, call 0800 288 288. You can also find it online at co-operativebank.co.uk
Existing customers can contact The Co-operative Bank’s mortgage brand by calling 01752 236550. If you’re interesting in applying, you’ll have to do through a mortgage adviser.
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Matthew Boyle is a banking and mortgages publisher at Finder. He has a 7-year history of publishing helpful guides to assist consumers in making better decisions. In his spare time, you will find him walking in the Norfolk countryside admiring the local wildlife.
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