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Platform increases maximum loan values across all LTV bands

 

  • Lending criteria changes take place today

 

From today, the maximum amount that can be loaned in each LTV band will be:

  • £1,500,000 up to 70 per cent;
  • £1,000,000 up to 75 per cent;
  • £750,000 up to 85 per cent;
  • £500,000 up to 90 per cent.

 

In addition to announcing the change in criteria, Platform is also announcing new rates across residential and Buy-to-Let products.

 

Residential rates have been reduced across the two, three and five year fixed products as well as the rate of the two year tracker being cut. The new rates are really competitive and apply to a mixture of fee, and fee free mortgage options.

 

Highlights of the new residential range include:

  • 3 Year Fixed rate at 2.24 per cent for 85 per cent LTV with a £999 arrangement fee;
  • 3 Year Fixed rate at 2.54 per cent for 85 per cent LTV with no fees;
  • 5 Year Fixed rate at 2.54 per cent for 80 per cent LTV with a £999 arrangement fee

 

Another notable change is the introduction of a 2.29 per cent two year fixed rate mortgage at 85 per cent LTV with no fees, free valuation and for re-mortgage customers, free legals also apply.

 

Platform has also lowered rates across its two year Buy-to-Let products with a wide range of deposit and fee options.

 

Highlights of the Buy-to-Let range include:

  • 2 year Fixed rate at 1.99 per cent for 60 per cent LTV with a £1,999 arrangement fee;
  • 3 year Fixed rate at 2.49 per cent for 60 per cent LTV with a £1,999 arrangement fee;
  • 5 year Fixed rate at 3.04 per cent for 60 per cent LTV with a £1,999 arrangement fee;
  • 2 year Tracker rate at 1.89 per cent for 60 per cent LTV with a £1,999 arrangement fee

 

Commenting on the new deals for brokers, Stuart Beattie, Head of Mortgages at Platform, said: “We’ve listened to feedback from our intermediary partners and changed our lending criteria in a way that we believe will be more competitive in the market. Having higher limits across all LTV bands should provide more opportunities for our partners to find the right fit for their customers. By also launching some new lower rate mortgages across our residential and Buy-to-Let mortgage ranges we want be a key lender in the intermediary market.”

 

All residential deals come with a free standard valuation for re-mortgagers and purchasers, plus free legals for re-mortgagers on both residential and Buy-to-Let.  Cashback amounts of £250 are available on some residential mortgages and a cashback amount of up to £500 is available on selected Buy-to-Let products.

 

                                                                                   -Ends-

 

Rates correct as at 12pm on Friday 29th April 2016.

 

For further information contact:

Nicki Parry
The Co-operative Bank Press Office
Email: mailto:karen.holtorp@cfs.coop
Telephone: 0161 201 1590

 

About The Co-operative Bank

The Co-operative Bank plc provides a full range of banking products and services to almost 5 million retail and SME (Small and Medium Sized Enterprises) customers.  The Bank is committed to values and ethics in line with the principles of the co-operative movement.

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