Mortgage customers 

If you pay your mortgage by Direct Debit, you do not need to take any further action. Please do not cancel your Direct Debit as it was updated automatically to The Co-operative Bank. The name and reference number on your bank/building society statement when the Direct Debit is collected will reflect this and will no longer say Sainsbury’s Bank.

If you make your monthly mortgage payment or overpayments by any method other than Direct Debit, such as standing order, faster payment, or bank transfer the account details you make the payments to have changed and The Co-operative Bank will provide this new information to you. 

The Co-operative Bank will let you know if they intend to make any changes in the future.

Any change which was not completed ahead of the transfer will be concluded by The Co-operative Bank. We have passed all information to The Co-operative Bank to ensure they can complete this for you. 

You are responsible for insuring the mortgaged property for the full rebuilding value throughout the term of your mortgage. If you opened your mortgage with us prior to 2017, please let your insurance company know to note the interest of The Co-operative Bank as your new lender.

The Co-operative Bank is now responsible for setting interest rates:

If you have a fixed rate:

There is no change to your interest rate for the duration of your fixed rate product term.  After the transfer The Co-Operative Bank will keep you informed of any change to your rate.

If you have a tracker rate:

Your interest rate will continue to move in line with Bank of England rate changes.  After the transfer The Co-Operative Bank will keep you informed of any changes. 

If you are on Standard Variable Rate:

After the transfer, The Co-Operative Bank will keep you informed of any changes to your rate.

Your payment arrangement won’t change.  Please continue to make the payment agreed under your existing arrangement. The Co-operative Bank will let you know when this is due to be reviewed.

If we have already commenced litigation action, this will continue to progress as already advised when your account is transferred to The Co-operative Bank. You should contact them once your account has been transferred to discuss this.

The Co-operative Bank will contact you when any existing arrangements are due to be reviewed. If you do not already have an arrangement in place, you should contact The Co-operative Bank to discuss this.

You will not receive any further communications from Sainsbury’s Bank about your mortgage.

The data we hold about you, both electronic and written, has been transferred to The Co-operative Bank, though we need to retain details of our business relationship with you for a further thirteen years in accordance with legal requirements. Please contact The Co-operative Bank if you have any questions about how they may use your data.