Platform cuts rates

Platform has cut selected fixed mortgage rates, with new rates starting from 1.24 per cent, fixed for two years at 60 per cent loan to value.

There is an arrangement fee of £1,499 and fee-free options on a five-year fixed rate deal at 3.24 per cent and 3.94 per cent for loans up to 85 per cent and and 90 per cent LTV.

Key features

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● Platform offers LTV bands of 60, 70, 75, 80 and 85 per cent on selected products

● All deals come with a free standard valuation for remortgages and purchase, plus free legals for remortgage

● A cashback of £250 is also available on selected products

● Platform has also revised its five-year fixes at 60 per cent LTV with increases of up to 0.10 per cent

Stuart Beattie, head of mortgages at Platform, said: “Our latest round of rate reductions maintains our commitment to support the intermediary market by offering competitive mortgage products.

“Our new range should have something for all borrowers whatever their budget, with market-leading deals available for borrowers with large or small deposits, and a wide range of fee and fee-free options to choose from.”

Adviser view:

Mark Harris, chief executive of London-based SPF Private Clients, said: “Uncertainty created by the general election played a significant part in encouraging buyers and sellers alike to sit on their hands until the outcome was known.

“The way in which lenders have been cutting mortgage rates ever lower confirms this hiatus. Many lenders are keen to lend, and have ambitious targets for the year, but with borrowers unwilling to commit, they are having to slash rates even further to attract business.”