In This Article
About The Co-operative Bank
The Co-operative Bank is a retail and commercial bank owned by The Co-operative Group, UK. The bank was founded in 1872 and has its headquarters in Manchester, England. The bank offers various financial products and services to its personal, business, and corporate customers, including savings accounts, checking accounts, loans, and credit cards.
Co-operative Bank is committed to fair banking practices and its ethical policy, which includes avoiding investments in companies that are involved in producing tobacco, cluster munitions, land mines, and nuclear weapons.
The Bank has a nationwide network of branches and ATMs and offers online and mobile banking services.
The Co-operative Bank operates a mortgage advisor-only lender called Platform.
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About Platform
Platform is an intermediary lender that has been part of The Co-operative Bank since 2009. They only work with professional and reputable mortgage advisors, and customers cannot obtain a mortgage directly with them.
Platform has a long history, established in 1989 as a central lender of mortgages for Bear Stearns Home Loans. In 1992, it became Platform Home Loans. The most recent incarnation of the lender launched in 2003, formed from a merger between Verso and Platform Home Loans, both of which were subsidiaries of Britannia. Since Britannia and The Co-operative Bank merged successfully in August of 2009, Platform has significantly benefited from being a crucial part of a larger organisation.
Co-Operative Bank & Platform mortgages
Platform and the Co-operative Bank has a range of mortgage products whether you are a first time buyer, moving home or looking to remortgage.
Their range includes mainstream residential mortgage products, buy to let mortgtges, later life mortgages and interest-only mortgages.
Platform aims to put its customers first, offering a wide range of mortgage products focused on working with expert advisors.
How competitive are The Co-operative Banks’ mortgage rates?
The Co-Operative and their counterpart Platform design their products to be competitive. They don’t just focus on the initial rate but look at other ways to be competitive such as free valuation products, reduced / free legal fees and cashback products where available.
You must review the whole market when comparing a lender’s rates and consider all applicable costs and the service the lender can provide. An Independent mortgage advisor can help with this and I NEED ADVICE can match you with a suitable advisor.
Remortgaging with The Co-operative Bank / Platform
You may be able to switch your mortgage rate with The Co-operative Bank / Platform directly, or you can arrange for a mortgage broker to do this for you.
It would be best if you considered your options at this time as you may want to look at increasing your borrowing. A mortgage broker can review your situation and advise you on whether staying with the current lender is the right option for you.
How long does it take to get an offer with The Co-operative Bank?
The time it takes to get a mortgage offer can differ from case to case. However, The Co-operative Bank / Platform’s average time from application to offer is around four weeks.
I have been declined. Should I speak with an advisor?
If you’ve been declined a mortgage from The Co-operative Bank or by Platform via a mortgage broker, a new independent mortgage advisor may be able to still help you find a lender willing to give you the mortgage you are looking for. There can be many factors why a lender could decline an application—from affordability to your credit history or the property itself. If you want more details about your credit history, you can go to Check My File to sign up for a free trial.
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Conclusion
The Co-operative Bank operates a mortgage advisor-only lender called Platform, which has been part of The Co-operative Bank since 2009. They only work with professional and reputable mortgage advisors, and customers cannot obtain a mortgage directly with them.
Platform and the Co-operative Bank has a range of mortgage products whether you are a first time buyer, moving home or looking to remortgage, including mainstream products, buy to let, later life and interest-only mortgages.
The Co-Operative and their counterpart Platform have designed their products to be competitive
They don’t just focus on the initial rate but look at other ways to be competitive such as free valuation products, reduced / free legal fees and cashback products where available.
If you are looking at a new mortgage with them, the time it takes to get a mortgage offer can differ from case to case. However, The Co-operative Bank / Platform’s average time from application to offer is around four weeks.
If you are already a customer looking to remortgage, you may be able to switch your mortgage rate with The Co-operative Bank / Platform directly or arrange for a mortgage broker to do this for you.
If you’ve been declined a mortgage from The Co-operative Bank or by Platform via a mortgage broker, a new independent mortgage advisor could still help you find a lender willing to give you the mortgage you are looking for. There can be many factors why a lender could decline an application—from affordability to your credit history or the property itself.
Should you want to speak to a mortgage advisor, please complete the contact box below, and I NEED ADVICE will match you with a specialist mortgage advisor who can review the whole market and recommend the most suitable mortgage for you.
They are experienced, which can boost your chances of being approved.
