Platform, the intermediary mortgage brand of The Co-operative Bank, has made interest rate reductions to a number of its mortgage products, with reductions of up to 0.30% being made to select mortgages.
Highlights of the new range now available include:
- 5 year fixed rate at 1.55% at 60% LTV with a £0 fee and £250 cashback available
- 2 year fixed rate at 1.73% at 80% LTV with a £0 fee and £250 cashback available
- 5 year fixed rate at 1.64% at 80% LTV with a £1,499 fee and £250 cashback available
- 5 year fixed rate at 3.04% at 95% LTV with a £0 fee and £1,000 cashback available
For more details on the new products available, please visit: www.platform.co.uk
As a direct result of the Bank of England increasing Base Rate from 0.10% to 0.25% on December 16 2021, Platform’s SVR will move from 4.34% to 4.49% for new business.
For existing customers, the change to 4.49% SVR will not come into effect until February 1 2022. If there is a subsequent change to Bank of England Base Rate announced on February 3 2022 Platform will again review SVR rates and communicate any further changes in due course.
Fred Sharp, director of mortgage distribution at The Co-operative Bank said: “Although we saw the first rise in Bank of England Base Rate in three years following the MPC meeting on December 16, we continually review our product range to ensure that we’re offering the most competitive rates, and best value mortgage options for our broker partners, and as a result we are announcing some rate reductions on select mortgages today.
“We’re also making changes to our higher LTV mortgages, including increasing cashback on 3 and 5 year fixed rate mortgages at 95% LTV with cashback now increased to £1,000 on these products, this is great offer for first time buyers looking for the right mortgage deal for their circumstances.”
