Product change - 25 September 2023

On 25 September 2023 we will launch our Mainstream and Buy to Let mortgage ranges for New Business on our new system and under our new brand the Co-operative Bank for intermediaries. Product switching for existing Platform customers will remain unchanged, continuing to be serviced on the Platform systems.

Criteria changes

In addition to our new brand, we are also making a number of other changes;

• Introducing residential interest only for loans up to 75% LTV as well as a further part and part top up to 85% LTV, additionally customers can use downsize as a repayment vehicle where £300k equity can be evidenced
• Updating our affordability assessment by aligning our stress rate across all products to 1% above reversionary rate
• Increasing our maximum loan to income ratio from 4.85 to 5 up to 80% LTV
• Increasing our maximum loan to income ratio to 6 for our professional product range
• Increasing our maximum available residential loan at 95% LTV to £500k, at 90% LTV to £600k, at 85% LTV to £750k, at 80% LTV to £1m and at 75% and under to £2m
• Increasing our maximum available BTL loan at 65% LTV to £750k and removing the £60k minimum income for loans above £350k

Product Changes

New product codes issued for all products and end dates extended to the end of January. Products and rates may change or be withdrawn at short notice subject to demand.

New Business

Residential

• 2, 3 & 5 year fixed increased by up to 0.10%
• Removal of £1,499 fee products
• Removal of 70% LTV products
• Removal of £1,499 fee products
• Removal of 2 year Tracker
• New Lifetime Tracker Launched with no early repayment charges

Professional Mortgage

• No Rate changes
• Removal of £1,499 fee products
• Removal of 70% LTV products

Buy to Let

• No Rate changes
• Removal of BTL Premier Products
• Existing range now open to BTL Premier Customers
• Removal of 70% LTV products

Help to Buy

Welsh scheme only:

• No Rate changes

Product Switch

Residential

• Products will remain under Platform

Buy to Let

• Products will remain under Platform

Help to Buy

• Products will remain under Platform