What do I do if I cannot afford my next monthly payment? We don’t apply penalties for missed payments. You will benefit from the protection afforded by the Financial Conduct Authority (FCA) rules in relation to assessing suitability, and we do not charge a fee for providing this advice. A Product fee may be charged, depending on the product you choose. The scheme had been due to come to an end on Saturday. Should you choose to switch online, The Co-operative Bank will not provide any advice, assess the suitability of, or recommend, any new product to you. We would advise you to seek independent advice before entering into any arrangement of this type. Christians Against Poverty (CAP): For free debt advice. The Co‑operative Bank p.l.c. Get help with applications and learn about how the switching process works. You will be responsible for making your own choice of product by referring to the list provided on our website or sent in the post (if requested) and you will not benefit from the regulatory protection you would get from receiving advice. It is only possible to switch your main mortgage account onto another product. Help and information about products, for our existing customers. Please note, we can discuss what options are available to you based on your personal circumstances, but cannot advise which is best. If you'd like more help & information, you can: The Co-operative Bank is covered by the FSCS. However, this will change the Loan to Value (LTV) figure. For example, depending on your circumstances and previous payment history, you might be able to take a … Homeowners who are struggling to pay interest fees on their Help to Buy equity loans will be offered payment holidays, the Government has announced. The Co‑operative Bank p.l.c. Rate Switch during payment holidays. Understand the impact of payment holidays, increases to your monthly mortgage payments and how much extra you’ll pay over the course of your mortgage using this mortgage payment holiday calculator. Box 101, 1 Balloon Street, Manchester M60 4EP. As your mortgage broker, we can help you prepare and plan for the unknown. MORTGAGE HOLIDAYS of up to three months are being offered to borrowers, as an emergency measure announced by Chancellor of the Exchequer Rishi Sunak following the coronavirus pandemic hitting the UK. Please contact us on 01752 236550 to discuss this with us. To use the Advised Service, you will need to book an appointment with one of our expert Mortgage Advisers. Moving from Interest Only to Capital and Interest at the same time as switching products, You have not missed any mortgage payments within the last 12 months, The remaining mortgage term is longer than the term of the product required, The mortgage balance of the account you want to switch is more than £5,000, The remaining term of your mortgage is more than 12 months. Mortgage Holiday and Koodoo are trading styles of Mortgage Power Limited, which is registered in England and Wales with company number 10978680, and authorised and regulated by the Financial Conduct Authority (Firm Reference Number: 845978). If any of these changes apply to … The length of the payment holiday you are allowed to take. Lloyds Bank Fixed 30/11/2022. To Rishi Sunak, Boris Johnson and the mortgage providers, Please extend the mortgage holiday to people who need an extension on top of their 6 month mortgage holiday. If you have a Co-operative Bank mortgage please call 08000 288 288 (call charges). As of Monday 14 September 2020, Platform will no longer be accepting furloughed income for new origination, any new mortgage cases need to meet pre-Coronavirus secured lending criteria income rules. Are you an intermediary? If you find yourself impacted by coronavirus there are a number of options that are available to help you at this time for example: You can contact us via the numbers below. The Co-operative Bank Twitter feed - @CooperativeBank, Our Modern Slavery and Human Trafficking Statement, Changing the way or date you make your payments, Where the mortgage is on a repayment basis look at a temporary change to interest only to reduce the amount you are currently paying, Longer term solutions that may include extending the term of your mortgage or looking for an alternative product, Assisting you with selling your property (known as Assisted Voluntary Sale (AVS) scheme. As your mortgage I have an Early Repayment Charge ( ERC ) in place on the figure! 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