The Co-operative Bank's intermediary mortgage lender Platform has reduced
interest rates on all 95 per cent loan-to-value (LTV) products.
Platform has cut interest rates on the 95 per cent LTV mortgages by up to 0.10
percentage points.
This includes the two-year fixed and five-year fixed rate products, which have a
rate of 3.19 per cent and 3.54 per cent, respectively, with no fee.
In addition, the lender has cut interest rates on select two-year and five-year
fixed rate mortgages at 60 per cent and 90 per cent LTV by up to 0.10 percentage
points.
Paul Norcott, head of mortgages and insurance at The Co-operative Bank,
said: "We are pleased to be continuing to offer competitive rates in our highest
LTV mortgage products which will continue to benefit first-time buyers who often
struggle to raise the deposit needed to purchase their first home.
"We introduced new product ranges in 2018 which were in support of first time
buyers and this year we want to continue to offer good deals to our broker
partners who are working with clients who want to take their first step on to the
property ladder."
Daniel Bailey, principle at Middleton Finance, said: "A number of lenders have
reduced rates on 95 per cent products and improved incentives to borrowers in
the last couple of weeks.
"Platform reducing their rates is positive news for borrowers along with a free
valuation and £500 cash back for purchase cases.
"Lenders appear to have a real appetite for 95 per cent lending at the moment which is good news for first-time buyers with smaller deposits."
Jenny Turton is a freelance journalist
