The Co-operative Bank’s intermediary lender Platform is increasing the maximum loan sizes across all loan-to-value bands.
Head of mortgages Stuart Beattie 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.”
| Max that can be loaned in each LTV band: | |
| £1.5m | up to 70 per cent |
| £1m | up to 75 per cent |
| £750,000 | up to 85 per cent |
| £500,000 | up to 90 per cent |
In addition to the change in criteria, Platform also announced new rates across its residential and buy-to-let ranges.
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.
This means the lender now offers a three-year fixed rate at 2.24 per cent, for 85 per cent LTV, with a £999 arrangement fee, or a three-year fixed rate at 2.54 per cent for 85 per cent LTV with no fees.
It also introduced a 2.29 per cent two-year fix at 85 per cent LTV with no fees, free valuation and for remortgage customers, free legals.
In terms of the buy-to-let reductions, a two-year fix now comes in at 1.99 per cent for 60 per cent LTV with a £1,999 arrangement fee; while a three-year fix at 60 per cent LTV with the same arrangement fee is priced at 2.49 per cent; and a five-year fix at the same LTV and fee is 3.04 per cent.
The two-year tracker has been cut to 1.89 per cent for 60 per cent LTV, with a £1,999 arrangement fee.
Adviser View
Mike Richards, director at Mortgage Concepts Associates, said: “I think this is a very good move especially in the higher net worth London market.
“Platform are obviously looking to get a bigger share of this market by offering higher LTVs.”
peter.walker@ft.com
