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On this page you will be able to find answers to our most recent frequently asked questions. If you are still unable to find the answer to your pre-application queries our Broker Support team are available to help on 0345 070 1999

 

For Intermediary use only

Existing customer? Click here.

 

Arrangement fees

You need to be aware that when a product is sourced on Mortgage Brain and Trigold, adding the arrangement fee will affect the LTV

 

Consumer BTL

• We CANNOT consider a BTL where any family member or the borrower has ever lived in the property, unless they already have an existing BTL in the background. Also, if they are looking to do a LTB with us, we can consider this so long as they have a BTL in the background

Flats
•If an applicant owns 3 flats in a block, we can do one of these on a residential basis however we cannot do this on BTL applications.
• If there are 4 or more flats we are able to offer on a BTL or residential basis as long as the applicant’s exposure with all lenders and unencumbered properties is not more than 25% of the building at completion.


Maternity pay

 – We take the applicant’s salary they’ll be receiving once they return to work and request an employer’s reference. We’ll also request a letter from the applicant confirming when they left for maternity and when they’ll be returning.
If the person is on maternity, a dependent should be keyed. If they’re having twins 2 dependents, etc
Childcare costs would also need to be factored as a commitment, in the affordability calculation

 

Lending into retirement

Where repayment of a Mortgage is dependent upon income continuing beyond normal retirement age (deemed to be 68 in line with future Government State Pension age) then such cases will be referred for manual underwriting where an assessment of affordability will be made. Where Customers have an anticipated retirement age, State Pension age or compulsory retirement of less than 68, and repayment of the Mortgage is dependent upon Income extending beyond this, these will also be subject to a referral for manual underwriting to establish affordability into retirement.

Income used to support the affordability assessment can be based on any of or a combination of (a) Existing Income streams where we are satisfied that the Customer can continue to work (b) Existing Pension Income where this is being received and (c) Proposed Pension Income.

Where affordability cannot be established through this assessment, then maximum Mortgage term will be limited to normal retirement age.

 

The exceptions are listed below:

Serving Members of the Armed Forces
Civilian Support staff are excluded
Uniformed Police Officers
Serving Members of the Fire Brigade
Active Paramedics and Ambulance Staff
Occupations where there is a PCV/HGV licence requirement

For any of the above listed occupations and they are going to go past the retirement age of 68 we would need to see proof of pension income

 

UK nationals not in the UK for 3 years

As long as the applicant has active credit registered in their name or is on the voter’s roll at their current address, the case can be considered providing it passes the DIP.
For the DIP to accept the system requires 3 years address history in the UK and won't accept foreign addresses. If the applicant hasn’t been back in the UK for 3 years you would need to input on the DIP that they had been in the UK for 3 years, but a note MUST be added with the foreign address details on the full application. This will then satisfy the underwriter assessment subject to other criteria being met.

 

Self employed income- assessing income of self employed applicants

Key points:
• Minimum trading period is 2 years
• Proof - Last 2 years tax assessments (SA302s or Tax Year Overviews stating 100% complete) OR Certificate from a suitably qualified accountant with 2 years figures
• The proof of income figures provided must include the last financial year-end and this must be no more than 18 months old
• The affordability calculation will use the lower of Last year’s income or an average of the last 2 years if increasing
• Where profits/income is declining, the application may be declined if a suitable explanation for the decline is not provided
• Latest full month Bank statement to show income/expenditure

 

 

The information contained within this section is for use by mortgage intermediaries authorised by the FCA.

Information is not to be disclosed or given to the public or is intended as a consumer advertisement as it does not provide APRCs or APRC Representative Examples.

 

The Co-operative Bank p.l.c. is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (No. 121885). The Co-operative Bank, Platform, smile and Britannia are trading names of The Co-operative Bank p.l.c., P.O. Box 101, 1 Balloon Street, Manchester M60 4EP. Registered in England and Wales No.990937. Credit facilities are provided by The Co-operative Bank p.l.c. and are subject to status and our lending policy. The Bank reserves the right to decline any application for an account or credit facility. The Co-operative Bank p.l.c. subscribes to the Standards of Lending Practice which are monitored by the Lending Standards Board.

 

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