From Monday 29 June, Platform, the intermediary mortgage brand of the Co-operative Bank, will offer a limited number of 90% LTV mortgages from Friday 26 June to support first time buyers and home movers who need a higher LTV to help with their house purchase plans.
The rates for 90% LTV mortgages will be on the Platform website and available for applications from Friday 26 June 2020.
Fred Sharp, head of intermediary business, said: “We’re glad to be able to offer our broker partners the choice at 90% LTV mortgages when looking for the best deal for their client’s circumstances. We recognised there is a customer need for this type of mortgage, so we wanted to be able to support this – albeit on a limited basis dependent on demand. We will continue to monitor the appetite for this type of mortgage and we will update our broker partners if we need to make changes to our range.
“We welcome the recommencing of physical valuations in Wales, and from Monday in Scotland, and look forward to working with our broker partners to support their clients across the UK with a good value mortgage deal as we will now be able to make our full range of products available for application.”
Carolyne Gregory, head of retail lending at the Co-operative Bank, added:“As the market remains limited in the 90% LTV category, we’re pleased to be able to offer this higher LTV lending at a competitive price for customers who need to borrow at this level to help make their house purchase a reality. We’ll keep this offer available for as long as we can, dependent on demand.
“Separately, we are also continuing to support those customers whose financial circumstances have been impacted by coronavirus. We have already granted mortgage payment deferrals for many of our customers who needed it, customers and we will continue to review requests for payment deferrals until the end of October. Customers who have already chosen to defer their mortgage payments can also ask for additional support and our team is here to help and talk to customers about what they might need at this challenging time.”