Platform cut has rates on selected 90% LTV mortgages across two, three and five-year fixed rate products by up to 0.15 percentage points for new and existing customers.
Platform is also reducing other selected mortgage products across its residential range by up to 0.15 percentage points.
Mainstream products offered by the intermediary mortgage brand of The Co-operative Bank now include; :
- Two year fixed rate at 90% LTV at 1.84% with a £999 fee.
- Three year 90% LTV at 2.14% with a £1,499 fee
- Five year 90% LTV at 2.39% with a £1,499 fee
All come with £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 five year fixed buy-to-let mortgages in the 75% LTV band being reduced by 0.20 percentage points with a range of fees available.
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.”
Platform has also changed 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.