Your guide to Co-op for intermediaries

Looking for a mortgage lender with high-quality service? Get to know Co-op for intermediaries. Take a look at their mortgage solutions and more in this guide

By Kath Villamayor

18 Nov 2024

Contents

Get to know The Co-op for intermediaries
The Co-op for intermediaries’ products and services
Eligibility criteria of The Co-op for intermediaries
Why work with The Co-op for intermediaries?

With the growing demand of home buyers amid skyrocketing house prices and changes in the United Kingdom’s real estate market, mortgage brokers are needed now more than ever. In turn, many people are considering this career—whether working full-time or part-time.

If you are one of those who want to ride the tide and be a mortgage broker, it is helpful to build lasting relationships with well-known and trusted mortgage lenders. Connecting with reliable banks like The Co-operative Bank for intermediaries can be beneficial for your career. A huge plus for these banks is when they offer intermediary-only platforms for easier access to their broker tools and resources.

Do you feel like this might be the home loan provider that is suitable for your career objectives? In this article, Mortgage Introducer provides an overview of The Co-op for intermediaries. We will talk about their background as well as their flagship mortgage products. You can find out here if your clients are eligible for their mortgage solutions as we will also go over their set of requirements for mortgage applicants.

Get to know The Co-op for intermediaries

The Co-operative Bank PLC is authorised by the Prudential Regulation Authority (PRA). They are also regulated by the Financial Conduct Authority (FCA) and the PRA. Here are four of The Co-operative Bank PLC’s trading names:

The Co-operative Bank for intermediaries
Britannia Building Society
Platform
Smile

The Co-operative Bank is registered in England and Wales. They are subscribed to the Standards of Lending Practice which are monitored by the Lending Standards Board. They also offer the usual banking services in the UK such as:

savings accounts
full-service current accounts
Individual Savings Accounts (ISAs)
mortgages
investments
credit cards

If you have clients who might be interested in The Co-operative Bank’s services, they can easily register online. Watch this video to find out how:

With over 150 years of experience in the mortgage lending business, The Co-operative Bank is a trustworthy provider of property loans for home buyers in the UK. If you want to see your brand along with the top mortgage intermediaries in the UK, working with The Co-op for intermediaries can be great stepping stone.

The Co-op for intermediaries’ ethical policy

The Co-op Bank for intermediaries is committed to co-operative values and ethics. They guarantee that this was fundamental to their operations since their establishment back in 1872. The Co-op Bank is the first in the country to introduce ethical bank accounts. As such, they are considered as an ethical banking institution with a customer-led Ethical Policy.

According to The Co-operative Bank for intermediaries’ online portal:

A quote from the Co-op for intermediaries, stating that this mortgage lender listens to their clients’ needs to update their Ethical Policy

As they release their latest Ethical Policy based on their clients’ needs, The Co-operative Bank focuses on what they can do for the global community. Watch this short clip to understand The Co-op Bank’s commitment to their Ethical Policy:

Aside from being an ethical bank, The Co-operative Bank is also one of the largest mortgage lenders in the UK. They took the eleventh spot in 2021 based on value of gross lending and was the ninth biggest bank in 2023 based total assets.

The Co-op for intermediaries’ products and services

We will discuss two of The Co-operative Bank for intermediaries’ flagship mortgage products: Residential mortgages and Buy to Let mortgages.

Residential mortgages

The Co-operative Bank for intermediaries’ residential mortgages are like other residential home loans offered by most mortgage lenders in the UK. These mortgages are targeted at clients who want to borrow money to buy a property and make it their primary residence.

The Co-operative Bank for intermediaries has features that are consistent in all their residential mortgages. First, they offer one free valuation accepted per application and per client when using their recommended surveyors. Second, they have assisted legal fees for remortgages when your clients use The Co-operative Bank for intermediaries’ recommended solicitors.

As an exception, remortgage applications for unencumbered properties are not eligible for these two features.

Buy to Let mortgages

The Co-operative Bank for intermediaries offers a maximum loan value of £750,000 for their Buy to Let mortgages. This property loan is for clients who want to buy real estate property and generate rental income from it. Instead of living in that property, they will let it to tenants.

For remortgage of a residential property to a Buy to Let, The Co-op for intermediaries offers their Let to Buy mortgages. Successful mortgage applicants can enjoy one free valuation accepted per remortgage application and per client when using The Co-op Bank’s recommended surveyors. There will also be assisted standard legal fees for remortgages when your clients use their recommended solicitors.

Like their residential mortgages, remortgage applications for unencumbered properties are not eligible for this feature.

The Co-operative Bank for intermediaries does not have an available property loan on a consumer Buy to Let basis. Mortgage brokers will need to identify whether their clients have a case of consumer Buy to Let to verify if they can apply with The Co-op for intermediaries.

Learn more about Buy to Let mortgages in this clip:

See the latest news and updates about Buy to Let mortgages when you check out our dedicated section for this mortgage type.

Eligibility criteria of The Co-op for intermediaries

After learning about The Co-operative Bank for intermediaries’ flagship mortgage products, the next step is to review your clients’ personal and financial information. You should assess their details to know whether they can qualify for a home loan with The Co-op Bank or not. Here are some of their eligibility criteria:

age
income
residency
foreign applicants
retirement

Let us go over these requirements to check if your clients can apply for mortgage with The Co-op Bank for intermediaries:

1. Age

For clients who want to secure either a Residential or Buy to Let mortgage with The Co-op Bank for intermediaries, they must be at least 18 years old. The Co-operative Bank sets their maximum age limit at 75 years at the end of the mortgage term.

2. Income

The Co-op for intermediaries requires a minimum household income of £15,000 for residential mortgage applicants. On the other hand, if your clients want to apply for a Buy to Let mortgage, they need to present a minimum household income of £25,000.

Your clients can also submit any of these income types:

allowances confirmed by the Department for Work and Pensions (DWP)
income from employment or self-employment
investment or dividend income
income from trust funds
second and other jobs
pension income
stipend income
rental Income
maintenance
tax credits

The Co-op Bank for intermediaries will accept any of these income types but not from foster care.

3. Residency

For mortgage applicants who are UK citizens, they must prove that they are living in the UK at the time of application. The Co-op Bank for intermediaries also requires that at least one of the mortgage applicants be permanently residing or planning to reside in the property when the mortgage completes.

Mortgage applicants who are expats will not be accepted by The Co-op Bank for intermediaries. The same is true for those who are not subject to UK tax.

4. Foreign applicants

If your client is not a citizen of the UK or the Republic of Ireland, The Co-op Bank for intermediaries will accept their mortgage application if all these requirements are met:

applicant is subject to UK or Guernsey tax laws
applicant is not a foreign diplomat or an embassy staff
applicant has lived in the UK for at least three years
applicant has proof of indefinite leave to remain in the UK

The Co-op Bank for intermediaries does not accept foreign currency on new mortgage originations.

5. Retirement

If your clients plan to retire during their mortgage term, their mortgage application with The Co-op Bank for intermediaries will be referred to an underwriter. They will assess your clients’ affordability on projected or actual retirement income.

Why work with The Co-op for intermediaries?

The Co-op Bank for intermediaries is a well-established home loan provider that offers advantages for clients and mortgage brokers alike. Partnering with a reputable institution like the Co-operative Bank can greatly enhance your career. This is due to their top-notch mortgage offerings which can help you stand out in a competitive market.

Aside from the common mortgage types, The Co-op Bank for intermediaries also offers alternative loan solutions tailored to meet the varying needs of your clients. As such, you can introduce your prospects to high-quality options, knowing that they are backed by a capable mortgage lender. Maintaining a strong connection with reliable lenders is essential in the mortgage industry. This strategy can lead to more opportunities for your career and better service for your clients.

By aligning yourself with the Co-operative Bank, you not only gain access to valuable resources but also position yourself as an intermediary who works with leading institutions. This can boost your credibility and attract more clients, which will contribute to your success in the mortgage broking industry.

But if you want to keep exploring other mortgage companies with exclusive intermediary platforms, we have several guides that you might be interested in. Here are some of our guides on intermediary-focused lenders:

Do you find this guide to The Co-op Bank for intermediaries helpful? Feel free to share your thoughts in the comments section below.

Your guide to Co-op for intermediaries

Get to know The Co-op for intermediaries

The Co-op for intermediaries’ ethical policy