Platform Product Transfer Mortgage Switch
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This page explains everything you need to know about switching your mortgage with the Co-operative bank, formerly known as Platform product transfer rates for existing customers and how a mortgage broker can help. Get in touch for free mortgage advice.
Why Stay with Co-op Bank for Your New Mortgage Deal?
Secure a Rate Up to 5 Months Early: Lock in your new mortgage rate well in advance.
No Broker Fees: Benefit from our services without any extra costs.
Same-Day Service: Enjoy efficient, same-day processing for your transfer.
Paperless Process: Complete your transfer without any paperwork.
No Valuations Needed: Save time with no need for property valuations.
No Credit Scoring: Transfer your mortgage without affecting your credit score.
Note: Further advances, term changes, home moves, and removal of a borrower will still require standard underwriting.
- A TREE PLANTED FOR EVERY MORTGAGE
Platform Product Transfer Eligibility
To be eligible for a Co-operative bank Platform product transfer, you must:
Customer Type: Residential, Buy-to-let, and Help-to-buy customers.
Roll-Off Period: Within 180 days of the current Platform mortgage deal end date.
Current Rate: If you are on a standard variable rate (SVR) or within the track and switch period on a tracker rate.
Loan Amount: £10,000 minimum loan amount to secure a new rate.
Term Remaining: More than 27 months remaining on your mortgage term at the date of applying for the product switch (the end date of the new product must be before the mortgage end date).
Co-op Mortgage Rates for Existing Customers
Here are the latest mortgage rates for existing Co-operative bank and Platform customers. These rates are categorised based on the type of mortgage and loan-to-value (LTV) ratios.
Platform Product Switch – Residential Mortgage Rates
Below are the Co-operative bank switch mortgage rates for existing residential mortgage customers as of the 15th August 2024.
60% LTV Products
| Type | Rate | Fee | LTV |
|---|---|---|---|
| 2 year Fixed | 4.59% | £749 | 60% |
| 2 year Fixed | 5.05% | £0 | 60% |
| 3 year Fixed | 4.51% | £1,249 | 60% |
| 3 year Fixed | 4.53% | £749 | 60% |
| 3 year Fixed | 4.79% | £0 | 60% |
| 5 year Fixed | 4.22% | £1,249 | 60% |
| 5 year Fixed | 4.38% | £749 | 60% |
| 5 year Fixed | 4.43% | £0 | 60% |
75% & 80% LTV Products
| Type | Rate | Fee | LTV |
|---|---|---|---|
| 2 year Fixed | 4.68% | £1,249 | 75% |
| 2 year Fixed | 4.70% | £749 | 75% |
| 3 year Fixed | 4.63% | £1,249 | 75% |
| 3 year Fixed | 4.64% | £749 | 75% |
| 3 year Fixed | 4.91% | £0 | 75% |
| 5 year Fixed | 4.36% | £1,249 | 75% |
| 5 year Fixed | 4.38% | £749 | 75% |
| 5 year Fixed | 4.60% | £0 | 75% |
85% & 90% LTV Products
| Type | Rate | Fee | LTV |
|---|---|---|---|
| 2 year Fixed | 5.16% | £1,249 | 85% |
| 2 year Fixed | 5.18% | £749 | 85% |
| 3 year Fixed | 5.03% | £1,249 | 85% |
| 3 year Fixed | 5.05% | £749 | 85% |
| 3 year Fixed | 5.42% | £0 | 85% |
| 5 year Fixed | 4.69% | £1,249 | 85% |
| 5 year Fixed | 4.71% | £749 | 85% |
| 5 year Fixed | 4.90% | £0 | 85% |
95% LTV Products
| Type | Rate | Fee | LTV |
|---|---|---|---|
| 2 year Fixed | 5.43% | £1,249 | 95% |
| 2 year Fixed | 5.45% | £749 | 95% |
| 3 year Fixed | 5.14% | £1,249 | 95% |
| 3 year Fixed | 5.16% | £749 | 95% |
| 3 year Fixed | 5.52% | £0 | 95% |
| 5 year Fixed | 4.97% | £1,249 | 95% |
| 5 year Fixed | 4.99% | £749 | 95% |
| 5 year Fixed | 5.15% | £0 | 95% |
Platform Product Switch Mortgage Rates – Buy to Let
Below are the Co-operative Bank switch mortgage rates for existing buy-to-let mortgage customers as of the 15th of August 2024.
60% LTV Products
| Type | Rate | Fee | LTV |
|---|---|---|---|
| 2 year Fixed | 4.76% | £1,499 | 60% |
| 2 year Fixed | 5.06% | £749 | 60% |
| 3 year Fixed | 4.42% | £1,499 | 60% |
| 3 year Fixed | 4.57% | £749 | 60% |
| 3 year Fixed | 4.69% | £0 | 60% |
| 5 year Fixed | 4.42% | £1,499 | 60% |
| 5 year Fixed | 4.57% | £749 | 60% |
| 5 year Fixed | 4.69% | £0 | 60% |
75% LTV Products
| Type | Rate | Fee | LTV |
|---|---|---|---|
| 2 year Fixed | 4.79% | £1,499 | 75% |
| 2 year Fixed | 5.09% | £749 | 75% |
| 3 year Fixed | 4.47% | £1,499 | 75% |
| 3 year Fixed | 4.62% | £749 | 75% |
| 3 year Fixed | 4.78% | £0 | 75% |
| 5 year Fixed | 4.47% | £1,499 | 75% |
| 5 year Fixed | 4.62% | £749 | 75% |
| 5 year Fixed | 4.78% | £0 | 75% |
Platform Product Switch Mortgage Rates – Help to Buy
Below are the Co-operative Bank switch mortgage rates for existing Help to buy mortgage customers as of the 15th of August 2024.
60% LTV Products
| Type | Rate | Fee | LTV |
|---|---|---|---|
| 2 year Fixed | 5.13% | £0 | 60% |
| 3 year Fixed | 4.62% | £499 | 60% |
| 3 year Fixed | 4.84% | £0 | 60% |
| 5 year Fixed | 4.35% | £499 | 60% |
| 5 year Fixed | 4.53% | £0 | 60% |
75% LTV Products
| Type | Rate | Fee | LTV |
|---|---|---|---|
| 2 year Fixed | 5.17% | £0 | 75% |
| 3 year Fixed | 4.67% | £499 | 75% |
| 3 year Fixed | 4.88% | £0 | 75% |
| 5 year Fixed | 4.50% | £499 | 75% |
| 5 year Fixed | 4.68% | £0 | 75% |
- A TREE PLANTED FOR EVERY MORTGAGE
When Can You Switch to a New Platform Deal?
The timing of when you can switch depends on your current mortgage type and how long you have before your current deal ends:
Fixed-Rate Mortgages: If your fixed-rate deal has less than four months remaining, you can apply to switch to a new one now.
Eligibility Check: Use Platform’s Mortgage Manager in the Internet Bank and banking app to check your eligibility and manage your switch.
Suppose you are not sure where to start. In that case, Platform’s guide to switching your mortgage deal provides comprehensive information on what to consider before switching and the types of mortgage deals available.
Things to Consider When Switching Mortgage Rates
When transferring with Co-operative Bank or Platform, there are a few things to think about:
The Product Fee: This can be paid upfront or added to your mortgage. While the Co-operative bank mortgage rate on fee-charged products is lower than that of those with no product fee, consider whether saving on interest with a fee-paid product is worth the cost.
The New Rate: Evaluate the new interest rate and its comparison to your current rate and existing monthly payment.
The Term of the New Rate: Consider the length of the new mortgage rate term and how it fits with your financial plans.
Early Repayment Charges: If you decide to switch before your current fixed-rate deal ends, be aware of any early repayment charges.
Platform Early Repayment Charge Table
When completing a product transfer, it’s crucial to discuss early repayment charges with your broker or lender. Often, it’s advisable to wait until your fixed-rate Platform mortgage deal ends before switching mortgage rates to avoid potential legal fees, and valuation fee.
| Product Term | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 | Year 6 | Year 7 | Year 8 | Year 9 | Year 10 |
|---|---|---|---|---|---|---|---|---|---|---|
| 2 Year Fixed | 3.00% | 2.00% | - | - | - | - | - | - | - | - |
| 3 Year Fixed | 4.00% | 3.00% | 2.00% | - | - | - | - | - | - | - |
| 5 Year Fixed | 5.00% | 5.00% | 4.00% | 3.00% | 2.00% | - | - | - | - | - |
| 10 Year Fixed | 7.00% | 7.00% | 7.00% | 7.00% | 6.00% | 5.00% | 4.00% | 3.50% | 2.50% | 1.50% |
| 2 Year Tracker | 0.50% | 0.25% | - | - | - | - | - | - | - | - |
Platform Mortgage Product Transfer – The Process
Did you know switching rates with a Platform product transfer can be completed on the same day?
Contact Our Team: Call us or use our online Platform product transfer form. Please provide us with your personal details and Platform mortgage account number.
Review Options: We will check your Platform Mortgage Product options and provide you with the available mortgage switch rates and your new monthly payment.
Get Expert Help: Our experienced team can help you choose your best option. We support you throughout the process and manage everything for you for free.
Request Mortgage Offer: Once you have decided, our mortgage team will request a mortgage offer based on the new rate and any additional borrowing.
Approve Offer: Once you’ve decided on the best option, our team will apply for the Co-operative bank mortgage. You will receive an email with a link to review and approve your offer.
Get Mortgage Broker Help for Your Platform Mortgage Switch
A mortgage broker can be a godsend when switching your rate. They’ll give you expert advice, explain the options, and guide you through the switch to ensure completion before monthly payment increases.
At YesCanDo Money, we offer free, full-service mortgage broking to help you through the mortgage product transfer process. Our mortgage team will do the paperwork, give you mortgage advice, and get you the best deal—all for free. Our team of experienced brokers will make it as painless as possible, saving you time and hassle.
Free Mortgage Advice & Do-it-all Service
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Smooth process with great communication throughout
Exclusive broker rates
Frequently Asked Questions
Can you be declined a product transfer mortgage?
Yes, it’s possible. Mortgage lenders may decline your application if you change your current mortgage, such as loan amount or term.
Can you change a mortgage product after an offer?
Yes, you can switch to a different deal before completion. You may need to pay any outstanding product and new deal fees.
Can I switch my Platform mortgage early?
If your current deal ends soon, you can switch to a new one without an early repayment charge. However, timing is crucial—remortgage too early, and you’ll face an early repayment charge. There's no charge if you’re on the Standard Variable Rate.
Can you change mortgage term Platform?
You can change your mortgage term when switching to a new deal. Discuss this with your mortgage broker or directly with Platform to explore options.
How long does a mortgage switch take?
The process is usually very quick, almost instantaneous. Get a personalised quote online within 10 minutes; no new credit checks are needed.
Is a remortgage the same as a product transfer?
The term “remortgage” can be used in two ways. It can mean switching your mortgage to a different lender. But it can also mean changing your mortgage deal with your existing lender, which is essentially the same as a product transfer. Both involve switching to a new mortgage product with your existing lender. Both can get you a better rate but are different processes.
What documents do I need for a product transfer?
You won’t need many documents for a product transfer, but it's a good idea to have your existing mortgage details and ID on hand.
Do I need bank statements for a product transfer?
No, bank statements are not required for a product transfer. But always check with your broker or Platform to be sure.
How to Switch Mortgage with Platform?
You can switch online using the Mortgage Manager in the banking app or Internet Bank. Alternatively, get free advice by speaking to a mortgage adviser. Brokers such as YesCanDo Money can provide advice and complete your mortgage switch for free.
What is the current Platform SVR?
The Platform SVR, as of July 12th 2024, is currently 7.99%, which is 2.74% above the Bank of England base rate.
Do banks offer better mortgage rates to existing customers?
Yes, banks often offer better rates to existing customers. Comparison shopping and negotiation can help secure a new deal with lower rates and possibly lower monthly payment. Some lenders even provide discounts for bundling services.
Platform Product Transfer Form
Product Transfer Form
Please provide us with your mortgage details in the form below. Once we receive your information, one of our fee-free mortgage advisers will be in touch to discuss your mortgage rate switch options. We are here to help you find the best rates and terms tailored to your needs.
Grant Humphries (CeMAP)
Grant Humphries (CeMAP) is a proficient Mortgage & Protection Adviser at YesCanDo Money. With a career spanning since 2001, Grant has honed his expertise in understanding mortgage lenders' criteria, complex financial situations, and the nuances of the mortgage market. His deep knowledge enables him to provide tailored solutions, especially for professionals and those with unique financial profiles. At YesCanDo, Grant's commitment to excellence is evident. He takes pride in guiding clients through their mortgage journey, ensuring they feel confident and informed at every step. From first-time buyers to seasoned investors, Grant's analytical approach and dedication make him a trusted adviser in the financial landscape
