Platform reduces rates on 90% LTV mortgages

Michael Lloyd

January 29, 2018

responsible lending rate cut

Platform, the intermediary mortgage brand of The Co-operative Bank, has reduced rates on selected 90% loan-to-value mortgages across 2, 3 and 5-year fixed rate products by up to 0.15% for new and existing customers.

It is also reducing other selected mortgage products across its residential range by up to 0.15%

Paul Norcott, head of mortgages and insurance at The Co-operative Bank, said: “We’re pleased to announce more rate reductions to our already competitive Platform mortgage range.

“We’re now offering a number of rates that are the lowest in the market and we are confident that we can continue to offer competitive rates to our brokers.

“We will be continually reviewing the rates that we offer across our range of products to help our broker partners find the right deal for their clients and encourage those brokers who might not have considered Platform before to see what we have to offer.”

Highlights of the mainstream products include: a 2-year fixed rate at 90% LTV at 1.84% with a £999 fee, a 3-year 90% LTV at 2.14% with £1,499 fee. And with the same fee, there’s a 5-year 90% LTV at 2.39%.

All with the benefit of £250 cashback and a free standard valuation for purchase and remortgage.

Select interest rates on buy-to-let mortgages for both new and existing customers are also being reduced with all 5-year fixed buy-to-let mortgages in the 75% LTV band being reduced by 0.20% with a range of fees available.

Platform is also enhancing its lending criteria for mainstream and buy-to-let new business applications.

Minimum income will now be assessed at household level, rather than on a single applicant basis which was previously the case.

There is also a change in the lending criteria applied when an applicant is looking for a mortgage for a flat in London. Flats in a block of up to 15 floors are now acceptable for prime London postcodes.

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