Coop Bank and Mortgage Charter

TLC78

Hi, apologies for another mortgage charter question but I couldn’t find anything about the query I have. 

Our Co-op fixed rate mortgage is due to expire in January 2024, and after reading the mortgage charter, we assumed we would be able to apply to change early under the 6 month clause that was built into it. However, Coop have stated to us that they are not offering the early change to fixed rates, they are only offering the change to interest only which we don’t want to do. 

Are they able to do this? We spoke to them at length and they took advice from further up the chain but came back with the same answer. 

Any help would be appreciated!

MWT

TLC78 said:

Our Co-op fixed rate mortgage is due to expire in January 2024, and after reading the mortgage charter, we assumed we would be able to apply to change early under the 6 month clause that was built into it. However, Coop have stated to us that they are not offering the early change to fixed rates, they are only offering the change to interest only which we don’t want to do.

Some lenders seem to be treating the '...up to 6 months' part of the Charter as being met by their current advance time period, 4 months I think for Co-op?

Presumably they are still allowing you to pick a new product once you are within their 4 month period?

ACG

One of my mates works for the bank, they are involved in the team sorting out the charter. 

Its not something they offer at the minute. They are looking at it, but currently only Platform customers (the intermediary side of co-op bank) can do it. 

TLC78

MWT said:

TLC78 said:

Our Co-op fixed rate mortgage is due to expire in January 2024, and after reading the mortgage charter, we assumed we would be able to apply to change early under the 6 month clause that was built into it. However, Coop have stated to us that they are not offering the early change to fixed rates, they are only offering the change to interest only which we don’t want to do.

Some lenders seem to be treating the '...up to 6 months' part of the Charter as being met by their current advance time period, 4 months I think for Co-op?

Presumably they are still allowing you to pick a new product once you are within their 4 month period?

Thank you for your reply - yes they are, we were just hoping to get in before any more base rate rises. I guess the wording is how they are getting around it - although I know other banks are offering the 6 months. Very frustrating!

TLC78

ACG said:

One of my mates works for the bank, they are involved in the team sorting out the charter. 

Its not something they offer at the minute. They are looking at it, but currently only Platform customers (the intermediary side of co-op bank) can do it. 

Thank you