Platform reduces mainstream fixed rate mortgages

platform

Platform has cut the rates on its fixed rate mainstream mortgages by up to 0.30 percentage points.

The move further signals the commitment of The Co-operative Bank’s dedicated intermediary mortgage lender to the residential mortgage market and the intermediary sector.

New deals include an 85% LTV, two-year fixed rate mortgage with no arrangement fee at 3.90%, a 0.21 percentage point reduction on the previous rate.

There is also a three-year fixed rate at 4.25% (previously 4.45%) or a five-year fixed rate at 4.49% (previously 4.79%) with the same terms.

Platform has also launched a new two-year fixed rate product with rates from 2.55%, with a £950 arrangement fee.

The lender said also reduced buy-to-let rates by up to 0.90 percentage points, with two-year fixed rates starting from 3.49% at 60% LTV with a £2450 fee or 3.99% with a £950 fee.

James Hillon, head of mortgages at the Co-operative Bank, said: “We hope that the rate reductions across both out mainstream and buy to let ranges enable brokers to offer a wide range of competitive products to their customers.

“This is a further commitment from Platform to the intermediary sector and mainstream mortgage market in 2013, where we will continue to develop a range of products that enable brokers to meet the needs of their customers.”

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