History

The Co-operative Bank was originally founded in 1872 as the loans and deposit department of Manchester's Co-operative Wholesale Society which became the CWS bank four years later. In 1971 the bank became a registered company, and in 1875 it was a member of the Committee of London Clearing banks which it retained membership for 40 years and can issue their own cheques.

The Co-operative Bank is a commercial bank within the UK and Guernsey and its headquarters are located in Manchester. An ethical policy was introduced in 1992 which proclaims that they will refuse to deal with companies that are involved with arms trading, global climate change, genetic engineering, animal testing, and use of sweated labour.

In 1999, the bank launched an initiative called Smile, an internet-only operation that has received the highest satisfaction ratings through surveys of any UK financial institution and services about half a million customers.

In 2002, the Co-operative Group Limited purchased the Co-operative Bank and the Co-operative Insurance and renamed the holding society, the Co-operative Financial Services.

In January 2009, Co-operative Financial Services and the Britannia Building Society agreed to a merger, however to date the organizations still operate their own products, branch networks and systems. Today the Co-Operative Bank is one of the largest financial services organisations in the UK with more than 7 million customers. It has an annual income of £3.5 billion and assets under management of £31 billion.

Remortgages offered through Co-operative Bank

The Co-operative Bank has the following remortgages:

6 month Discounted Rate - your initial rate is set at a discount off the Bank's standard variable rate for the first 6 months. Your initial rate will also depend on how much you want to borrow compared to the value of the property you are trying to buy. After the discount period has finished your mortgage will revert to the standard variable rate. An early repayment charge may apply. This mortgage is flexible so you can make overpayments, underpayments or take a repayment holiday. There is no acceptance fee. Interest is calculated daily.

Discount Rate - your initial rate is set at a discount off the Bank's standard variable rate for an agreed period of 2 or 3 years. After the discount period has finished your mortgage will revert to the standard variable rate. There is an early repayment charge if you make a payment of more than 10% of the original loan or repay the loan in full within in the discount period. This mortgage is flexible so you can make overpayments, underpayments. There is no acceptance fee. Interest is calculated daily.

5 year Fee Free Fixed Rate - your initial rate is fixed for the first 5 years. After the fixed rate period has finished your mortgage will revert to the standard variable rate. There is an early repayment charge if you make a payment of more than 10% of the original loan or repay the loan in full within in the fixed period. This mortgage is flexible so you can make overpayments, underpayments. There is no acceptance fee. Interest is calculated daily.

Fixed Rate - your initial rate is fixed for an agreed period. After the fixed rate period has finished your mortgage will revert to the standard variable rate. There is an early repayment charge if you make a payment of more than 10% of the original loan or repay the loan in full within in the fixed period. This mortgage is flexible so you can make overpayments, underpayments. There is no acceptance fee. Interest is calculated daily.

2 year Variable Tracker Mortgage - Your initial rate is a variable tracker and is set just above the Bank of England Base Rate for 2 years. After the tracker rate period has finished your mortgage will revert to the Bank's standard variable rate. There is an early repayment charge if you make a payment of more than 10% of the original loan or repay the loan in full within in the tracker period. This mortgage is flexible so you can make overpayments, underpayments. There is an acceptance fee. This product is available for re-mortgages too. Interest is calculated daily.

5 year Variable Tracker Mortgage - Your initial rate depends on how much you want to borrow compared to the value of the property you want to buy. Your rate will be set just above the Bank of England Base Rate for 5 years. After the tracker rate period has finished your mortgage will revert to the Bank's standard variable rate. An early repayment charge may apply. This mortgage is flexible so you can make overpayments, underpayments or take a repayment holiday. An acceptance fee is payable. Interest is calculated daily.

If you are re-mortgaging you will not have to pay valuation or legal fees as long as you use their recommended solicitors.