Britannia Building Society Mortgages

Compare and view all the mortgages currently available from the Britannia Building Society. See the rates on offer from tracker, fixed and variable rate mortgages and buy to let. Use the search filters to quickly compare the Britannia BS with other lenders and building societies.

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Britannia Building Society was a financial services provider based in Leek, Staffordshire, that first opened in 1856. After the financial crisis, however, it merged with The Co-operative Banking Group. Eventually, many of the original Britannia branches were closed, while the remaining branches were rebranded and fully incorporated into The Co-Operative Bank. For that reason, we are instead going to take a look at the mortgages offered by The Co-Operative Bank.

About

The Co-Operative was initially founded as the Co-Operative Wholesale Society in 1872, being amongst the first to issue its own cheques as well as the first to offer an interest-bearing chequing account. During the financial crisis, the Co-Operative Bank merged with Britannia in an effort to protect members of mutual building societies. Since the crisis, Co-Operative has reduced the scale of its operations, but it still committed to providing mortgages and other services not only in the interest of customers but also in forwarding its commitment to ethical savings and loans. This commitment includes avoiding investment in elements of the arms trade, fossil fuel extraction, animal testing, businesses run on sweatshop labour, and more. Since the crisis, the Co-operative is not a building society or co-operative fund, since the original Co-Operative Group no longer holds any stake in the bank.

Products & features

The Co-operative Bank only directly offers mortgages to existing customers who already have a mortgage with either Co-Operative or Britannia. They offer two kinds of mortgages. The first are fixed-rate mortgages with static interest rates coming in 2-year, 3-year, and 5-year fixed varieties. These loans vary between 3.8% APR and 4.6% APR, covering a loan-to-value ratio of up to 90%. This means they accept remortgages for existing customers who can provide a 10% deposit. The other option for their existing customers are their lifetime tracker loans. These mortgages offer interest rates based on the Bank of England’s base rate plus 2.49%. There are three lifetime tracker loans, with availability depending on the overall cost of the home, able to cover 75% of that entire property value.

As of their recent restricting, the Co-Operative Bank no longer offers buy-to-let, help-to-buy, mortgages for debt consolidation or interest-only mortgages. All new customers do not apply for mortgages directly through the Co-Operative Bank, but instead offers services from their intermediary mortgage brand, Platform for both residential and buy-to-let mortgages.

Summary

Though neither Co-Operative Bank or Britannia take on new customers directly, they still offer a wide range of loans for existing customers, whether they are looking to borrow more, to remortgage their property, or to move home. The options may be limited, but they are competitive with a wide variety of fixed-rate terms and loan-to-value ratios that can suit a variety of needs.

It is worth noting that, at the time of writing, the Co-Operative Bank itself is undergoing changes, including the potential sale of the brand. The sale process began only in February 2017, so in time, the Co-Operative Bank may be a brand under another institutions ownership or it may be incorporated entirely into another brand.

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