Product transfers

Product guides

When can your client transfer?

Eligibility

Product transfer with additional borrowing

Switching multiple mortgage accounts

How to apply

What do we need?

Application checklist

After your application has been submitted

Amending in-flight applications

Help to Buy

Product transfer guides

View all our product transfer rates (PDF)

When can your client transfer their mortgage?

Your client can apply to transfer their mortgage 180 days prior to the date of maturity. This will complete when your client’s current deal ends ― subject to eligibility.

Please make sure that the client's application is received by us at least 30 working days prior to the end of the deal. We require any documentation (where applicable) to be returned to us by the 15th of the month before maturity. If it is received after this date, your client WILL revert to our Standard Variable Rate for their first payment and no refunds or backdates will be processed.

With a Co-operative Bank mortgage, we calculate interest on a daily basis and apply this to your clients account on the last day of each month. If your client pays the monthly payment on the 1st of the month, this immediately reduces their balance, which means they will avoid additional interest accruing.

Under the Terms and Conditions of our mortgages monthly mortgage payments must be made by Direct Debit. If your client does not currently pay by Direct Debit they will need to set one up before we can proceed with the variation.

Eligibility for clients to transfer their mortgage

To transfer a mortgage product, your client must:

• Pass an affordability check, if required
• Live in the mortgage property as their main residence (excluding BTL).

Your client should contact us directly if they:

• Want to move properties at the same time as switching products
• Want to add or move a party to the mortgage at the same time as switching products
• Have a remaining term that is less than the product term
• Have a mortgage that is in arrears
• Have an interest-only mortgage and want to extend their term

You can apply for a fixed rate product in our highest loan to value bracket up to 99% loan to value on behalf of your client. The two year tracker with no product fee is also available up to 99% loan to value.

Product transfers with additional borrowing

Brokers can now request additional borrowing for their client alongside their product transfer application.

Please ensure when submitting your request you follow the correct application journey.

1. Submit a fact find request of your client’s current mortgage information if you don’t know all the details. You can do this using our online fact find form
2. If you already know the details you can request a mortgage illustration. This is so we can send you a combined mortgage illustration of the product transfer and additional borrowing request. Mortgage illustration request (Only use this form for a product transfer with additional borrowing. If you require a product transfer only you can apply here).
3. Alongside the illustration we send to you we will also include a link to our application form. Once you have presented the illustration to your client and you are happy to proceed, please complete the application form from the email we have sent to you.

Switching multiple mortgage accounts

We now offer the ability to switch multiple mortgage accounts in one application.

All the accounts need to be within their 6-month product transfer period, from the day of application. We will switch all accounts on the earliest switch date. For example, if the products end on 30 September and 31 December, both accounts would need to switch on the earlier date of 30 September, with the products starting on 1 October.

If you are switching a sub account and there is an additional sub account(s), within the 6-month product transfer period, no Early Repayment Charge (ERC) is applicable.

If the customer is switching early and moving onto a product with a higher interest rate, we will make an interest adjustment and apply any difference to the mortgage. This means the customer will still benefit from the lower interest rate on the sub account until its maturity date. We will also refund any difference in future mortgage payments (if applicable) on the day of the switch, for the remaining months of the sub-account we have switched early.

Using the example above, we would refund the overpayments for October, November and December for the product ending 31 December if the interest rate has increased.

To switch multiple mortgage accounts in one application, please follow the below instructions:

• Complete steps 1 to 4 as applying for the product ending earliest
• On the Step 5 page, use the additional information box to give us all the relevant information about the products you would also like to switch as part of this application. Please use this format – (Sub Account Number) – Maturity date: (DD/MM/YY). This can be used for as many accounts you would like to switch, if eligible
• Submit your application.

If you currently have an in-flight application for a single Product Transfer and would like to complete an application for multiple-sub accounts, then please re-submit your application using the above process.

What your client needs to transfer their mortgage

Proof of income

Clients must provide proof of income if they want to change their mortgage term when they transfer their product and this exceeds their expected retirement age or on a term reduction increases their monthly payment above what the monthly payment would revert to on our Standard Variable Rate.

However if on a term reduction the client has chosen to pay an Early Repayment Charge to complete ahead of the current product maturity or their current product is a lifetime tracker, we will require proof of income if the new monthly payment will be more than £5 higher than their existing monthly payment.

Joint applicants must both provide proof of income.

Clients don’t need to provide proof of income if they are:

• transferring a BTL mortgage
• transferring a like-for-like residential mortgage (with the same term).

How to evidence proof of your client's income

All applicants must provide their latest full monthly bank statement to evidence income.

Employed applicants must provide proof of income by either:

• Providing their latest payslip in digital format (not printed)
• Providing an employer's reference on headed paper.

Self-employed applicants must provide proof of income with either:

• The last 2 year's tax assessments (SA302) and tax year overview
• A certificate from a suitably qualified accountant with 2 years worth of figures.

Recent property valuation

We will use the House Price Index (HPI) or the last valuation that we have for your client’s mortgage, whichever is higher. A re-valuation for a Product Transfer is free.

However, if a new re-valuation is selected and your client’s LTV already meets 60% LTV or less, a revaluation fee will be charged. See our product guides for more information.

Application checklist

1. Make sure you are registered with The Co-operative Bank for Intermediaries at submission and maturity date.
2. Choose the correct application form.
3. If using the online form, please print each individual page of the application before moving to the next section.
4. If using the paper form (HTB only), complete the details within the editable PDF and print before posting.
5. Complete the income and expenditure form for affordability checks, if required. Once you have submitted your online product transfer application please also email your completed income and expenditure form to mortgagevariation@co-operativebank.co.uk
6. Attach a cheque for the product fee (if applicable), made payable to The Co-operative Bank for Intermediaries, with the mortgage number on the reverse of the cheque. Alternatively, we will call your client prior to the transfer date to take a card payment.
7. If you need to provide any supporting documents please email to mortgagevariation@co-operativebank.co.uk or post to the address: The Co-operative Bank, PO Box 4934, Unit 2 Interface Business Park, Swindon, SN4 4PN.

You can find more hints and tips for submitting a Product Transfer on our application help page.

After your application has been submitted

Once we have received your completed application form and a current valuation, if required, we will send your client:

• an offer document
• a form of authority.

The form of authority does not need to be signed and returned for like-for-like product transfers.

Your client must sign and return the Form of Authority, if we have requested it. Please ensure your client returns this to us by the 15th of the month before their maturity date. If this is received after the 15th, then your client WILL revert to our Standard Variable Rate for their first payment and no refunds or backdates will be processed.

Your client can cancel or request changes to a product transfer on or before the 15th of the month before maturity. Requests to cancel or make any changes after this date will not be accepted.

You will receive a copy of the offer for your records. If you need to call to check receipt or need a response to a query, please quote your clients mortgage account number and postcode.

If your client has not paid a product fee by cheque

We will request a card payment on receipt of the application, or at least 2 days before the transfer date.

When the offer document is received and fees paid

We will transfer your client to the new mortgage product unless we hear otherwise.

Once the transfer is complete

Your procurement fee will be paid through your chosen submission route.

Help with product transfers

If you need help with registration or the product transfer process, call our Broker Support team directly on 0345 070 1999 (Call charges).

Lines are open Monday to Friday 9am to 5pm, and Thursday 10am to 5pm.

Amending an in-flight Product Transfer application

If you have already submitted an online product transfer application and would like to amend or cancel the product your client has applied for, please email mortgagevariation@co-operativebank.co.uk.

You will need to include your client's account number and the new product code. Please don't submit another online product transfer application as this could lead to delays with your existing case.

We can amend or cancel your client's application on or before the 15th of the month before maturity. Any requests to amend or cancel the application made after this date will not be accepted.

All customers will be switched from the 15th of the month prior to the maturity date to ensure the first payment is made on the new product rate and not our Standard Variable Rate. Where a customer is entering a product with a higher rate, we will adjust the interest to the product start date to ensure there is no additional interest paid. If you apply for a product switch after the 15th of the month prior to maturity, your client WILL have to pay a full month on our Standard Variable Rate and no refunds or backdates will be processed. Requests to cancel or make changes to the product switch after the 15th will not be accepted.