Compare Co-operative Bank mortgages
If you are interested in taking out a mortgage with the Co-operative Bank, you will need to consider which of their various products best matches your borrowing needs and personal circumstances. It is worth bearing in mind that they currently do not offer buy to let mortgages, Help to Buy mortgages, interest only mortgages or mortgages for debt consolidation.
First Time Buyer mortgages
The Co-operative Bank offer mortgages for up to 90% of a property’s value, which can make it easier for first time buyers to get enough money together for a deposit. They can also often provide a mortgage in principle in under 30 minutes, making it easier for first time buyers to see whether they can afford to get onto the property ladder.
Remortgaging with Co-operative Bank
Remortgaging can be an attractive idea when you want to reduce your monthly mortgage payments or raise extra money for home improvements or other purposes. It allows you to take out a new mortgage which you then use to pay off your existing one, leaving you with lower repayments or a spare lump sum.
Second charge mortgages
It can sometimes be more affordable to take out a second, separate secured loan, rather than remortgaging. This is most often the case if you have a particularly good deal on your current mortgage. This separate borrowing is often called a second charge mortgage and may allow you to take your total secured borrowing up to as much as 90% of your property’s market value.
Loan to value ratio
The amount you can get as a mortgage depends on several things, one of the most fundamental of which is your loan to value (LTV) ratio. This is the percentage of your property’s market value that you wish to borrow against it.
So, if you were looking to raise a mortgage on a £100,000 house and needed to borrow £50,000, that would equal a LTV of 50%. Increase your borrowing another £25,000 with a second charge mortgage and your LTV would become 75%.
The loan to value ratio of your mortgage will tend to affect the interest rates you are offered, with a higher LTV generally equating to higher interest rates.
Find the best deals on mortgage rates
Our mortgage calculator can help you quickly and easily identify some of the best deals on mortgages from across the industry. All you need to do is plug in some basic information, including how much you want to borrow, how long you need to repay over and why you need the mortgage. The calculator will then match you up with top deals we have identified that fit your criteria making your hunt for a mortgage much simpler.
Independent Mortgage Advice
Remortgaging is particularly popular at the moment as interest rates are low.
Whether it will be a good idea for you to remortgage depends on a number of factors, including your goals and your personal circumstances.
However, in general, if interest rates are lower than you are currently paying on your mortgage, it may be a good time to remortgage.
If interest rate are higher than you are currently paying, it may be better to look at other options, such as a second mortgage or a personal loan (if you aim is to borrow more).
If you are not sure whether now is the right time to remortgage, it is a good idea to speak to an independent mortgage broker who will be able to offer impartial advice on Co-op & alternative lender options.