remortgage with bmi
Platform Co-op Mortgages
Co-Operative Mortgages
The Co-operative Bank provides remortgaging options to suit various homeowner needs. If your current mortgage deal is ending or you’re on the Standard Variable Rate, switching could offer better rates and potential savings. The bank offers products with or without fees, typically doesn’t require new property valuations, and allows annual overpayments of up to 10% without early repayment charges. Additionally, for every eligible mortgage provided, The Co-operative Bank donates £5 to Centrepoint, supporting efforts to end youth homelessness.
Existing customers can choose between two services: Information Only and Advice. The Information Only service is for those confident in selecting a product independently, providing access to the bank’s range without personalised recommendations. The Advice service offers a tailored approach, where mortgage advisers assess individual circumstances to recommend suitable products. Applications can be made online or over the phone, ensuring convenience for all customers.
the differences
What makes Co-Operative Mortgages Different?
Ethical Banking Commitment
The Co-operative Bank is renowned for its ethical banking practices, ensuring that its investments and services align with social and environmental responsibility. This commitment distinguishes it from many other mortgage lenders.
Support for Social Causes
For every eligible mortgage provided, The Co-operative Bank donates £5 to Centrepoint, aiding efforts to end youth homelessness. This initiative reflects the bank's dedication to positive social impact.
Flexible Remortgaging Options
The Co-operative Bank offers remortgaging options with features like free property valuations and low interest rates, providing customers with cost-effective and flexible solutions.
3 Steps to Apply for a Co-Operative Mortgage
Follow these three simple steps to obtain a Co-Operative mortgage:
1
Assess Your Eligibility
Determine if you're eligible to switch to a new mortgage deal. You can switch if your existing deal is due to end within six months or if you're on the Standard Variable Rate. Typically, no new property valuation is required unless you believe your property's value has increased.
2
Choose Your Service Option
Decide between the mortgage "Information Only" and full mortgage "Advice" services. The Information Only service is suitable if you're confident selecting a product independently, while the Advice service provides personalised recommendations based on your circumstances. Applications can be made online or over the phone.
3
Complete the Application Process
Once you've selected your preferred service, proceed with the application. For the Advice service, ensure you have details of your income, recent bank statements, and information on loans and credit cards. Contact The Co-operative Bank's mortgage team to discuss your options and arrange a telephone appointment if needed.
Pros & Cons of
Co-Operative Mortgages
Pro: Ethical Banking Practices
The Co-operative Bank is committed to ethical banking, ensuring responsible investments.
Pro: Charitable Contributions
For each eligible mortgage, £5 is donated to Centrepoint to combat youth homelessness.
Pro: Flexible Overpayment Options
Customers can overpay up to 10% annually without incurring early repayment charges.
Con: Limited Product Range
The Co-operative Bank predominantly offers fixed-rate deals, limiting variable rate options.
Con: Strict Lending Criteria
Applicants with poor credit histories may face challenges securing a mortgage.
Con: Early Repayment Charges
Fixed-rate mortgages may impose penalties for early repayment beyond the allowed overpayment limit.
apply today
Take Action with BMI Money
Engaging a mortgage broker for your Co-operative loan can provide access to a wider range of mortgage products, including exclusive deals not directly available to consumers. Brokers can also offer tailored advice, guiding you through the application process and helping you find the most suitable mortgage for your circumstances.
Get Started Today
BMI Money offers expert advice and access to an extensive panel of lenders, including Co-operative mortgages, ensuring competitive rates and tailored remortgaging solutions. Our personalised approach simplifies the remortgaging process, making it straightforward and stress-free.
FAQ
about
Co-operative
Mortgages
Am I eligible to remortgage with The Co-operative Bank?
You can switch to a new deal if your existing mortgage is due to end within six months or if you’re on the Standard Variable Rate. Ensure your mortgage is not in arrears and your property isn’t currently let, unless under specific conditions.
Will I need a new property valuation?
In most cases, a new property valuation isn’t required unless you believe your property’s value has increased significantly.
Are there fees associated with remortgaging?
The Co-operative Bank offers products with or without fees. Additionally, there are no legal fees, and no need for a credit search when switching products.
Can I make overpayments on my new mortgage deal?
Yes, you can make annual overpayments of up to 10% without incurring early repayment charges.
What services are available when switching my mortgage?
The Co-operative Bank offers two services:
Information Only: For those confident in selecting a product independently.
Advice: For those seeking personalised recommendations based on individual circumstances.
How can I apply to switch my mortgage deal?
You can apply online or over the phone. However, certain conditions may require you to apply by phone, such as having a loan-to-value higher than 90% or if your mortgage is in arrears.
Will switching my mortgage affect my credit score?
No, switching your mortgage product with The Co-operative Bank doesn’t require a credit check unless you’re requesting additional borrowing.
Can I change my mortgage rate before the end of my initial rate period?
Yes, you may be able to change your mortgage rate before the end of your initial rate period. However, early repayment charges and other fees may apply. It’s advisable to contact the bank to discuss available rates and potential costs.
What happens if I don't switch my mortgage deal when my current one ends?
If you don’t switch to a new deal, your mortgage will move to the Standard Variable Rate, which may be higher than your previous rate. It’s recommended to review your options before your current deal ends.
Where can I find more information or assistance?
For further details or support, visit The Co-operative Bank’s mortgage help and support page or talk with Bright Money Independent.
Remember, your home may be repossessed if you do not keep up with repayments on your mortgage.
