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Frequently asked questions

For existing mortgage customers

Intermediaries please click here >

 

1. What do I do if I cannot afford my next monthly payment? >

 

2. How can I make my payments? >

 

3. Can I take a payment holiday? >

 

4. Can you tell me which is the best mortgage for me? >

 

5. Who's eligible to switch online? >

 

6. I’ve tried to switch my mortgage product online but my details aren’t being recognised, why is this? >

 

7. I’ve started my mortgage products switch online, but some of my personal details are incorrect. How do I change these? >

 

8. I’ve started my mortgage products switch online, but I’m not able to select some of my accounts to be switched, why is this? >

 

9. I want to switch more than one sub-account but the system won’t allow me to select them all. How do I switch more than one account as part of the same application? >

 

10. I think that my property has increased in value since the last time I took out my mortgage, can I change this?>

 

11. What are the fees/charges for switching? >

 

12. I have an Early Repayment Charge (ERC), can I still switch? >

 

13. How can I pay the mortgage Product fee? >

 

14. I’m not sure what product I should choose – do you offer advice? >

 

15. Will I receive any advice and/or a personal recommendation on which product I should switch my mortgage to using the online service. >

 

1. What do I do if I cannot afford my next monthly payment? >
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 (39KB)

 

2. How can I make my payments? >
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.

 

3. Can I take a payment holiday? >
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.

 

4. Can you tell me which is the best mortgage for me? >
Unfortunately not, as Platform is not authorised to give financial advice. We can discuss what options are available to you, but cannot advise which is best. If you require advice, then we refer you to your broker or organisations such as Citizens Advice Bureau or National Debtline.

 

5. Who's eligible to switch online?

You’re eligible to switch online if:

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You do not have a shared ownership or shared equity mortgage

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Your Early Repayment Charge expires within the next 4 months or you already have a product without any Early Repayment Charges

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No extra borrowing is required

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You are not planning on changing the mortgage term at the same time as switching products

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You do not want to add or remove an account holder to or from the mortgage at the same time as switching products

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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

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You have not missed any mortgage payments within the last 12 months

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The remaining mortgage term is longer than the term of the product required

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The mortgage balance of the account you want to switch is more than £5,000

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The remaining term of your mortgage is more than 12 months

 

6. I’ve tried to switch my mortgage product online but my details aren’t being recognised, why is this? >

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.

 

7. I’ve started my mortgage products switch online, but some of my personal details are incorrect. How do I change these? >

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.

 

8. I’ve started my mortgage products switch online, but I’m not able to select some of my accounts to be switched, why is this? >

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.

 

9. I want to switch more than one sub-account but the system won’t allow me to select them all. How do I switch more than one account as part of the same application? >

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

 

10. I think that my property has increased in value since the last time I took out my mortgage, can I change this?>

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.

 

11. What are the fees/charges for switching? >

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.

 

12. I have an Early Repayment Charge (ERC), can I still switch? >

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.

 

13. How can I pay the mortgage Product fee? >

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.

 

14. I’m not sure what product I should choose – do you offer advice? >

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.

 

15. Will I receive any advice and/or a personal recommendation on which product I should switch my mortgage to using the online service? >

No, this option is only suited to those who already know which mortgage product they are looking for.

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

 


 

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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