As part of the Co-operative Group, The Co-operative Bank can trace its origins back to 1872 and the formation of the Loan and Deposit Department of the Co-operative Wholesale Society. Four years later it changed its name to the CWS Bank.
The Bank grew steadily with branches opening in Newcastle, London and Glasgow. By 1972 the Bank, which was then known as the Co-operative Bank, had 32 branches throughout the country.
Co-operative Bank Mortgage service offer a vast range of competitive mortgages, including:
With this type of Co-operative Bank Mortgage you pay an agreed rate of interest for a set time. Generally, the longer the fixed rate period, the higher the interest rate charged. Knowing the precise rate you will pay makes budgeting easy and you don't have to worry if interest rates rise as your monthly payments will stay the same. However, if interest rates fall, the rate you pay won't.
You pay a discounted rate below the Co-operative Bank Mortgage standard variable rate for an agreed period at the start of your mortgage. This keeps your initial costs down but your repayments will still reflect changes in interest rates generally.
You will never pay more than the maximum agreed interest rate for a set period but, if interest rates fall, so can the rate you pay on your Co-operative Bank Mortgage. This gives all the benefits of a variable rate product whilst providing the peace of mind that your rate can’t go above a set level.
You will pay an agreed rate of interest above or below the Bank of England Base Rate (repo rate) for an agreed period. Because your Co-operative Bank Mortgage is linked directly to the Base Rate, you are guaranteed that any change in the Base Rate will be reflected in your Co-operative Bank Mortgage rate.
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