Platform, the intermediary arm of the Co-operative Bank, has reduced its rates on some 90 per cent mortgages and changed the criteria required for both buy-to-let and residential borrowers.
The lender has reduced rates on two-, three- and five-year fixed rate products by up to 0.15 percentage points for both new and existing customers.
New rates include a two-year fixed rate at 90 per cent LTV at 1.84 per cent with a £999 fee, as well as a three-year 90 per cent LTV at 2.14 per cent with a £1,499 fee and a five-year 90 per cent LTV at 2.39 per cent with a £1,499 fee.
Paul Norcott, head of mortgages and insurance at The Co-operative Bank said: "We’re pleased to announce more rate reductions to our already competitive Platform mortgage range.
"We’re now offering a number of rates that are the lowest in the market and we are confident that we can continue to offer competitive rates to our brokers.
"We will be continually reviewing the rates that we offer across our range of products to help our broker partners find the right deal for their clients and encourage those brokers who might not have considered Platform before to see what we have to offer."
Platform also said it was enhancing its lending criteria for mainstream and buy-to-let new business applications.
Minimum income will now be assessed at household level, rather than on a single applicant basis which was previously the case
There is also a change in the lending criteria applied when an applicant is looking for a mortgage for a flat in London. Flats in a block of up to 15 floors are now acceptable for prime London postcodes.
Kevin Dunn, senior partner at Furnley House, said the new rates were good, but that borrowers must take fees into account when deciding the best rate for them.
"Platform are competitive and we find them good to deal with, but if you’re looking at a smaller mortgage a large fee is less likely to be a good deal," he said.