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Product history 2017

For Intermediary use only

Existing customer? Click here.

 

Date of product change

Summary of changes

Monday 27th November

Mainstream (New Business & Product Switching)

- New Product Codes will be issued for all products

 

Buy To Let (New Business & Product Switching)

- New Product Codes will be issued for all products

- Product Switch Let to Buy product withdrawn.  Product Switch can proceed on an appropriate Buy To Let product.

 

BTL Criteria Change:

 

Applying a different ICR to standard and high/additional rate tax payers as follows:

 

Standard rate tax payer – 128%
High rate tax payer – 145%

 

No changes are being made to the stress rate of 5.5%

 

The changes implemented in October for £ for £ remortgage to have ICR 128%, are still applicable for higher/additional tax payers who meet the agreed criteria.

Monday 6th November

Mainstream (New Business & Product Switching)

- Following the Bank of England’s decision to increase Base Rate, Platform's Standard Variable Rate will increase from 4.49% to 4.74%, this is effective for new business applications from Monday 06 November 2017 and existing customers from 01 December 2017.

- All other product information remains unchanged

 

Buy To Let (New Business & Product Switching)

-No change

Monday 30th October

Mainstream (New Business & Product Switching)

- Selected 2, 3 and 5 year fixed rates increased, at 60-90% LTV, by up to 0.15%

- New Business 2 year fixed rates with £1499 fee, at 60-90% LTV, remain temporarily withdrawn

- New Product Codes will be issued for all products

- End dates extended on all products to end of February

 

Buy To Let (New Business & Product Switching)

- No rate changes on BTL products

- New Product Codes will be issued for all products

- End dates extended on all products to end of February

 

Buy to Let – ICR reduced on £ for £ Remortgages

From Monday 30th October we will apply an Interest Coverage Ratio (ICR) of 128% for BTL Remortgages on a £ for £ basis, where the current lending was agreed prior to January 2017.

Tuesday 12th September

New Business (Mainstream)

- 2 year fixed rate at 90% LTV with £1,499 fee temporarily withdrawn

- 2 year fixed rate at 90% LTV with £999 fee increased by 0.05% - new product code applies.

 

Product Switching (Mainstream)

- No change

Monday 28th August

Please note: Due to the bank holiday, updated product guides for Monday 28th August will become available online from Tuesday 29th August at 9am. Brokers were sent updated guides via email on 24th August.

 

Mainstream (New Business & Product Switching)

- Selected 2 and 5 year fixed rates reduced at 60%, 70% and 75% LTV, by up to 0.10%

- New Business 2 year fixed rates with £1499 fee, at 60-85% LTV, remain temporarily withdrawn

- New product codes will be issued for all products

- End dates extended on all products to 30th November

 

Buy To Let (New Business & Product Switching)

- No rate changes on BTL products

- New Product Codes will be issued for all products

- End dates extended on all products to 30th November

 

BTL criteria change for Portfolio Landlords

 

From 28 August the Bank will not lend to individuals who own or will own more than 3 BTL properties (mortgaged or not), including the application security. This decision follows the PRA supervisory statement SS13/16 in relation to underwriting standards for Portfolio Landlords. 

 

Pipeline cases will not be affected by the change and applications received by the 25th August will be honoured.

 

Product switches with no additional borrowing will not be impacted by this change. The change will apply to Ports and Transfer of Equity with no extra borrowing, as well as further advances for existing customers who are Portfolio Landlords.

Monday 14th August

 Mainstream (New Business)

- 2 year fixed rates at 90% reduced by up to 0.15%

- Selected 2 year fixed rates at 85% reduced by up to 0.15%

- All other products remain unchanged

 

Mainstream (Product Switching)

- 2 year fixed rates at 90% reduced by up to 0.10%

- Selected 2 year fixed rates at 85% reduced by up to 0.05%

- All other products remain unchanged

Friday 28th July  Mainstream (New Business & Product Switching)

- Selected fixed rates reduced by up to 0.15%

- Selected 2 and 5 year fixed at 60% LTV increased by 0.10%

- 2 year fixed rates £1499 fee at 60-85% LTV remain temporarily withdrawn

- End dates extended on all products to the end of October

- New product codes will be issues for all products

 

BTL (New Business & Product Switching)

- Selected 2, 3, 5 year fee free products reduced by 0.05%

- End dates extended on all products to the of October

- New product codes will be issues for all products

Monday 3rd July

Mainstream (New Business & Product Switching)

- Selected New Business fixed rates reduced by up to 0.15%

- New Business 2 year fixed rates £1499 fee at 60-85% temporarily withdrawn

- Selected Product Switching fixed rates reduced by up to 0.25%

- End dates extended on all products to the end of September

- New product codes will be issued for all products

 

BTL (New Business & Product Switching)

- 5 Year Fixed rate at 60% reduced by up to 0.20%

- End dates extended on all products to the end of September

- New product codes will be issued for all products

Monday 5th June Mainstream (New Business & Product Switching)

- Selected 2 year fixed rates increased by 0.05%

- End dates extended on all products to the end of August

- New product codes will be issued for all products

 

BTL (New Business & Product Switching)

- Fixed rate reductions of up to 0.25%

- End dates extended on all products to the end of August

- New product codes will be issued for all products

Monday 15th May Mainstream (New Business & Product Switching)

- Selected rates reduced by up to 0.10% on all fixes (excluding 5 year 90% LTV fixes)

- End dates remain unchanged

- New product codes will be issued for all products

 

BTL (New Business & Product Switching)

- 2 year fixed rates reduced by 0.10%

- End dates remain unchanged

- New product codes will be issued for all products

Tuesday 2nd May

Mainstream (New Business & Product Switching)

- Selected rates reduced by up to 0.10% for 2 & 5 year fixes (60-85% LTV) and 0.05% for 3 year fixes (60% LTV)

- End dates remain unchanged

- New product codes will be issued for all products

 

BTL (New Business & Product Switching)

- Select rate decreases up to 0.10% on 2 year fixes and 0.05% on 3 & 5 year fixes

- End dates remain unchanged

- New product codes will be issued for all products

 

Loan to Income Multiple Changes

We have altered our Loan to Income Multiple to 4.85 x sole or joint income (where LTV is <= 80% (including any fees added to loan) and subject to a disposable income of at least £125). 4.49 x sole or joint income will be used when this criteria has not been met.

Wednesday 12th April

Mainstream (New Business & Product Switching Ranges)

- Rate increases of 0.05% for all 90% LTV 2 year fixed products

- End dates extended to 31st July

- New product codes for the entire range

 

BTL (New Business & Product Switching Ranges)

- New product codes issued for entire range

- End dates extended to 31st July

- All other product information remains the same

Monday 3rd April - From Monday, 3rd April, Platform will be offering a new existing customer range & process for product switches.

 

- In addition we will be issuing new product codes for all New Business products in the current range. Please note that no other product information will change within the current New Business range.

Monday 13th March Platform will be making some key changes to our Early Repayment Charge (ERC) structure across both our Mainstream and BTL ranges:

 

As of Monday 13th March Platform’s ERC structure is changing, so that during the early repayment charge period, overpayments can be made up to 10% of the outstanding mortgage balance on last anniversary or account open date without incurring an early repayment charge. This new ERC structure will apply to all customers who receive an offer on or after 12th March. Customers who have received an offer prior to

12th March will retain the previous ERC structure. For full details please reference our Mainstream & BTL product guides.

Friday 3rd March

Mainstream
- End dates extended to 31st May

- Some rate increases of 0.05% to 2 and 5 year fixed products.

 

BTL

- End dates extended to 31st May

- No change to rates

 Monday 6th February Mainstream
- £90 Administration Fee temporarily removed, £250 cashback on all Fixed Rate products, some rates increased/decreased.
- New product codes issued

 

BTL

- £90 Administration Fee temporarily removed, rates reduced on selected 2 Year Fixed Rate products
- New product codes issued for all products

Friday 27th January

Mainstream

- No change to rates or end dates

- New product codes issued for all products to enable the introduction of the new valuation fee scale.

 

BTL

- No change to rates or end dates

- New product codes issued for all products to enable the introduction of the new valuation fee scale.

Monday 16th January

Mainstream

- 2 year fixed rates at 90% LTV with £299 and £1499 arrangement fee reintroduced
- 2 year fixed rate at 85% LTV with £0 arrangement fee and £250 cashback withdrawn without replacement
- 2 year fixed rates at 90% LTV reduced by up to 0.09%
- 3 year fixed rates reduced by up to 0.15%
- Selected 5 year fixed rates at 85%-90% LTV reduced by 0.10%
- Fixed end dates extended to 30 April
- New product codes issued for all products

 

BTL

- Selected 2 year fixed rates at 60% LTV reduced by 0.05%
- Selected 5 year fixed rates at 60% and 75% LTV reduced by 0.05%
- Fixed end dates extended to 30 April
- New product codes issued for all products

 

Product history 2016 >



 

The information contained within this section is for use by mortgage intermediaries authorised by the FCA.

Information is not to be disclosed or given to the public or is intended as a consumer advertisement as it does not provide APRCs or APRC Representative Examples.

 

The Co-operative Bank p.l.c. is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (No. 121885). The Co-operative Bank, Platform, smile and Britannia are trading names of The Co-operative Bank p.l.c., P.O. Box 101, 1 Balloon Street, Manchester M60 4EP. Registered in England and Wales No.990937. Credit facilities are provided by The Co-operative Bank p.l.c. and are subject to status and our lending policy. The Bank reserves the right to decline any application for an account or credit facility. The Co-operative Bank p.l.c. subscribes to the Standards of Lending Practice which are monitored by the Lending Standards Board.

 

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