Help to Buy  

Platform reduces Help to Buy mortgage rates

Platform reduces Help to Buy mortgage rates

Platform reduced rates across its Help to Buy mortgage range today (6 July).

The intermediary mortgage brand of The Co-operative Bank reduced some of its five-year fixed rates by up to 0.10 percentage points.

Paul Norcott, head of mortgages and insurance at The Co-operative Bank, said the changes are part of Platform’s continuing support of the first-time buyer market.

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He said: “We are working with more and more broker partners as they look for the best value deal for their clients looking to buy their first home and we will continue to support and service brokers looking to place a help to buy mortgage with Platform.”

A Platform spokesperson said highlights of the changes include rate reductions on select two-year fixed rate mortgages by up to 0.05 percentage points and reductions to five-year fixed rate mortgages by up to 0.10 percentage points.

Included in Platform’s Help to Buy offers is a five-year fixed rate 60 per cent loan-to-value (LTV) at 2.09 per cent with a £999 arrangement fee and a five-year fixed rate at 70 per cent LTV at 2.39 per cent with no arrangement fee.

Andrew Montlake, brand director at Coreco, said reductions in rates are to be expected at this time of year.

He said: "We are going in to a period across the board for lenders entering the traditionally slower summer period, which often sees lenders bring out lower rates.

"This is not just confined to rates in the lending stream, with higher loan-to-value marketed too."

rachel.addison@ft.com