The Co-operative Bank mortgage review

Co-operative Bank mortgages

Mortgages from the Co-operative Bank are available directly or via its broker-only brand, the Co-operative Bank for Intermediaries - formerly known as Platform.

For this review, we've combined customer feedback for both brands, but we've only looked at intermediary deals to assess whether it offers competitive rates.

Our analysis found that it offers middling mortgage rates, but fared poorly for customer service.

In our satisfaction survey, the Co-operative Bank achieved a score of 54%, putting it in joint last position of the 22 lenders we rated.

Co-op Mortgages review

	Score	Overall ranking
Which? Customer Score	54%	Joint 20th out of 22 mortgage lenders

Our Scores

Which? Customer Score

Which?'s rating for customer satisfaction, based on feedback from real customers. The score is made up of a customer's overall satisfaction with the brand, and how likely they are to recommend that brand.

The Co-operative Bank customer satisfaction scores

The table below shows how the Co-operative Bank performed in our latest mortgage satisfaction survey.

This gathered feedback from homeowners with existing mortgages about everything from the application process to value.

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What types of mortgages does Co-operative Bank offer?

Co-operative is the 13th largest mortgage provider in the UK. In 2022, the lender had a 1.2% share of the mortgage market, according to UK Finance data.

When we checked in September 2023, Co-operative offered 107 mortgages. Most were fixed-rate deals, meaning your interest rate stays the same for a set initial period.

Co-operative

mortgages had initial periods of two, three, five and 10 years.

A smaller number of mortgages were tracker deals, with initial terms lasting two years before reverting to Co-operative's standard variable rate.

Does Co-operative Bank offer the best mortgage deals?

Which? analysed thousands of mortgages over a four-week period in August 2023. 

We compiled a series of top 10 cheapest deals tables based on a variety of borrowing scenarios, and counted how many times each lender featured in a table.

The average was five table appearances per week. Co-operative matched this, meaning it offered an average number of competitive deals. (Data source: Moneyfacts.)

How much could I borrow from Co-operative Bank?

Co-operative will lend to first-time buyers and home movers at 60%, 70%, 75% , 80%, 85%, 90% and 95% loan to value (LTV). People remortgaging can borrow up to 90% LTV.

You can borrow anywhere from 4.49 to five-and-a-half times your annual household income, depending on the mortgage deal itself and your financial situation.

How long can the mortgage term be?

All of Co-operative's mortgages allow customers to pay back the loan over a maximum term of 40 years.

Can I make overpayments?

You can overpay up to 10% of a Co-operative mortgage balance every 12 months, before incurring an early repayment charge (ERC). 

How can I contact The Co-operative Bank?

New and existing mortgage customers can contact 0800 0686 727.

Its website is Co-operativebank.co.uk.

How can I contact The Co-operative Bank for Intermediaries?

If you're not interested in approaching the bank directly, you'll need to do so via a mortgage adviser.

Existing Co-operative Bank for Intermediaries mortgage customers can call 01752 236550.

Its website is Intermediary.co-operativebank.co.uk.