Mortgages  

Co-op intermediary brand to launch 95% LTV

Co-op intermediary brand to launch 95% LTV

The Co-operative Bank’s intermediary mortgage brand will introduce a range of 95 per cent loan-to-value products next week.

As of 3 September, Platform will launch two-, three- and five-year fixed rate mortgages at 95 per cent loan-to-value available to new customers buying a home.

The six new products will have a maximum loan of £350,000, two fee options and available with £500 cashback and a free first standard valuation.

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In the lender’s five-year fixed rate offerings, Platform customers will have access to a 3.49 per cent rate with a £999 product fee and a 3.74 per cent rate with no product fee.

Paul Norcott, head of mortgages and insurance at The Co-operative Bank, said the new additions supported first-time buyers and those who were finding it difficult to save a bigger deposit in buying a home.

He said: "At a time when there is renewed focus on the difficulties people in the UK are facing to get onto the property ladder, we hope that our new mortgage range will be a welcome addition to the market and our broker partners will be able to find a suitable option for their clients who need higher LTV mortgage options.

"Our team will be on hand to work with our broker partners to deliver this new product to market and will be able to answer any questions and provide further details."

Platform will also be cutting rates on its residential 75 per cent loan-to-value range by up to 0.1 per cent and across its buy-to-let range by up to 0.35 per cent.

Earlier this week Barclays also cut rates on its buy-to-let range in a move designed to ensure the lender remains competitive in the market.

rachel.addison@ft.com