The Co-Operative Bank Mortgages

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Last updated on 01 February 2021.

The Co-Operative Bank Mortgages FAQ

How do I get a mortgage with The Co-operative Bank?

Mortgages from The Co-operative Bank are provided through Platform. Platform only deals with intermediary advisors so you will need to access the products through a third-party.

How much interest is there on a Co-Operative Bank mortgage?

The interest level on your Co-operative mortgage will depend on the specific offer. The Co-operative have guideline rates on their different products but the eventual rate will be determined by a number of factors including the length of your mortgage term, the amount you’re borrowing and the type of mortgage you’re taking out – for example, a tracker mortgage or a fixed-rate mortgage.

What is an APRC?

The APRC on a mortgage stands for annual percentage rate charge. It provides you with a more accurate view of the total cost of borrowing by including arrangement fees and other costs in addition to the interest charged on the loan.

Analysing the APRC of different loans will help you determine which mortgages offer the best deal for you.

What is the initial rate on a mortgage from The Co-Operative Bank?

The initial rate for The Co-Operative Bank’s mortgages varies between different mortgage products. The rates are of course different for fixed-rate and variable rate mortgages, but personal factors such as the period of repayment and the total amount borrowed could also impact the rate you are offered.

What does loan-to-value mean?

Loan-to-value (LTV) is a useful term to understand when you’re exploring options in the mortgage market. It is the amount of money you are borrowing as a percentage of the total price of the property.

So, if you pay a 10% deposit on a £250,000 home, your deposit will be £25,000. This leaves you needing to borrow £225,000 from a mortgage lender. In this case your loan would be 90% of the total value of the property, so you would be looking for a 90% LTV mortgage.

What criteria do I have to meet to secure a mortgage with The Co-Operative Bank?

To secure a mortgage with The Co-operative Bank you will need to save up a deposit and make sure you have a steady income that you can show proof of as well good affordability of the loan.

The Co-Operative Bank will check your credit history before confirming a mortgage offer with you so building up a good credit score in advance of applying for a mortgage could be helpful if it’s something that you can factor in to your finances.

What are the product fees for taking out The Co-Operative Bank mortgages?

As with most mortgage lenders, The Co-Operative Bank usually charges product fees. These will vary depending on the products and any offers that are running when you apply.

How much will my monthly mortgage repayments be?

The amount you’ll repay each month is dependent on the terms of your mortgage. Factors including the total amount you have borrowed, the LTV, the interest rate and the length of your mortgage term will all play a role.

Services offered by this provider may change over time. Always check Ts&Cs.

NerdWallet has selected Koodoo to provide you with this information-only online comparison service on a non-advised basis. NerdWallet will receive a share of the commission that Koodoo earns from the lender or from our partnered broker, Fluent Mortgages.

Koodoo is the trading name of Mortgage Power Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 845978), and is a registered company in England and Wales (company registration number 10978680), with a registered address at Scale Space, 58 Wood Lane, London, W12 7RZ

Fluent Mortgages Ltd is authorised and regulated by the Financial Conduct Authority (FRN 458914), and is a registered company in England and Wales (company registration number 10978680), with a registered address at 102 Rivington House, Chorley, New Road, Horwich, Bolton, BL6 5UE