Platform, the intermediary mortgage brand of The Co-operative Bank, is relaunching its 95% loan-to-value (LTV) mortgage products which will be on sale from Monday 10 May.
The 95% LTV mortgages will be available over a 2 or 5-year fixed term and with a range of product fee options including £0 product fees, and all 95% LTV products benefit from £250 cashback.
The full product details of the 95% LTV mortgage range are:
- 2 year fixed rate at 4.11% at 95% LTV with a £0 fee and £250 cashback available
- 2 year fixed rate at 3.77% at 95% LTV with a £999 fee and £250 cashback available
- 2 year fixed rate at 3.61% at 95% LTV with a £1,499 fee and £250 cashback available
- 5 year fixed rate at 4.13% at 95% LTV with a £0 fee and £250 cashback available
- 5 year fixed rate at 3.99% at 95% LTV with a £999 fee and £250 cashback available
- 5 year fixed rate at 3.93% at 95% LTV with a £1,499 fee and £250 cashback available.
As well as relaunching 95% LTV options into its mortgage range, Platform is also adding more 5 year fixed rate mortgage options and announcing rate reductions across a number of its products including reductions of up to 0.12% to its Professional Mortgage range.
Highlights of the range of mortgages available from Monday 10 May includes:
- 2 year fixed rate at 1.15% at 60% LTV with a £999 fee and £250 cashback available
- 2 year fixed rate at 2.34% at 85% LTV with a £1,499 fee and £250 cashback available
- 2 year fixed rate at 2.48% at 85% LTV with a £999 fee and £250 cashback available
- 5 year fixed rate at 3.08% at 85% LTV with a £0 fee and £1000 cashback available
There are also some key lending criteria changes that come into effect from Monday 10 May including;
- Stipend/Benevolence income – Platform will allow stipend* income as an acceptable income source to support the mortgage application. Stipend income cannot be the only form of income and must be alongside another source of income.
- LTV limits increased – Residential application LTV limits are being increased for Capital raising and Debt consolidation from 75% to 85%.
For more details on the new products, the rate reductions and the full list of criteria changes that will be in place from Monday 10 May visit:Â www.platform.co.ukÂ
Carolyne Gregory, director of retail lending at The Co-operative Bank, said; “We are really glad to be re-launching our 95% LTV mortgage range to the market, adding more options to our range in support of aspiring home buyers who can only afford to realise their goal of owning a home with a 5% deposit.
“Although we have been able to maintain high LTV options with our 90% products and Professional Mortgage range we have seen demand for this additional LTV band and we have come back to market with competitive 95% LTV mortgages whilst ensuring we’re able to offer responsible and sustainable lending.”Â
