Frequently asked questions

You can only take a payment holiday if you have a flexible mortgage account. Please contact us on 01752 236555 for details of your account. Please note, we can discuss what options are available to you based on your personal circumstances, but cannot advise which is best.

We prefer payments to be made by direct debit as agreed in your terms and conditions; however we also can accept debit card payments, payments by personal cheque, standing order and/or payments by paying in book. Please contact us on 01752 236555 for more details. We do not accept payment by credit card or by cheques drawn on limited company accounts.

The Product fee may be paid up front, or it can be added to the mortgage (not applicable for customers with an Interest Only mortgage). If choosing this option, the fee will be added to your mortgage balance when the product switch completes. Please remember, that if you choose to add the fee to the mortgage balance, you'll be charged interest on it over the term of the mortgage.

If you want to proceed with a product switch application, we’ll require payment of the Early Repayment Charge (ERC). You will need to contact us on 01752 236550 to complete your switch in order to find out the Early Repayment Charge amount due, make the payment and complete your switch application via the telephone. If you want to switch early and pay an ERC, you cannot complete your application online.

If you believe that your property’s value has changed since you took out your mortgage, then we will be happy to consider your new estimated value as part of your request for a mortgage switch. However, this will change the Loan to Value (LTV) figure. If the new LTV changes the interest rates you are eligible for, we will require a re-valuation to be completed. Following a re-valuation we will base the switch on the survey figure, which may not match your estimate. If there is no change to the interest rates you are eligible for based on your estimated valuation, we will process the switch without the need for a new survey.

It is only possible to switch your main mortgage account onto another product.

We offer an advised mortgage service where one of our expert Mortgage Advisers will collect information about your personal circumstances so they can recommend a mortgage that is suitable for you. You will benefit from the protection afforded by the Financial Conduct Authority (FCA) rules in relation to assessing suitability, and we do not charge a fee for providing this advice. To use the Advised Service, you will need to book an appointment with one of our expert Mortgage Advisers. Appointments are by telephone only. You can call us on 01752 236550.

Your account(s) might be unavailable because there is still an Early Repayment Charge (ERC) in place on the account. If this is the case then the account will show that there is an ERC end date. If there is no ERC in place on the account then the account balance may be less than our minimum balance or the account may be in arrears. Please contact us on 01752 236550 to discuss this further.

Please contact us on 01752 236550 to change any of your personal details. If this relates to a telephone number or email address then you can update this as part of the application process.

There are some scenarios where we want to talk to customers about their mortgage prior to the product switch taking place. Please contact us on 01752 236550 to discuss this with us.

A Product fee may be charged, depending on the product you choose. There will be a valuation fee if the new LTV changes the interest rates you are eligible for. This means we will require a re-valuation to be completed. There are no legal fees to pay for product switching.

Please call us as soon as possible to discuss your options as we may be able to come to an arrangement about your payments. Please contact our dedicated team of account handlers on 01752 236555. Please note, we can discuss what options are available to you based on your personal circumstances, but cannot advise which is best. Having difficulties paying your mortgage? (PDF).

You’re eligible to switch online if:

  • You do not have a shared ownership or shared equity mortgage
  • Your Early Repayment Charge expires within the next 4 months or you already have a product without any Early Repayment Charges
  • No extra borrowing is required
  • You are not planning on changing the mortgage term at the same time as switching products
  • You do not want to add or remove an account holder to or from the mortgage at the same time as switching products
  • You do not want to change the repayment method e.g. Moving from Interest Only to Capital and Interest at the same time as switching products
  • You have not missed any mortgage payments within the last 12 months
  • The remaining mortgage term is longer than the term of the product required
  • The mortgage balance of the account you want to switch is more than £5,000
  • The remaining term of your mortgage is more than 12 months

Should you choose to switch online, The Co-operative Bank will not provide any advice, assess the suitability of, or recommend, any new product to you. You will be responsible for making your own choice of product by referring to the list provided on our website or sent in the post (if requested) and you will not benefit from the regulatory protection you would get from receiving advice.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE