Platform, the intermediary mortgage brand of the Co-operative Bank, has changed its lending criteria for mainstream and BTL new business applications.
Minimum income will now be assessed at household level, rather than on a single applicant basis which was previously the case.
The lending criteria applied for London mortgages have also been changed, with flats in a block of up to 15 floors now acceptable for prime London postcodes.
Platform has also reduced rates on selected 90% LTV mortgages across two, three, and five-year fixed rate products by up to 0.15bps for new and existing customers.
While other selected mortgage products across its residential range are being reduced by up to 0.15bps.
Some interest rates on BTL mortgages for both new and existing customers are being reduced with all five-year fixed BTL mortgages in the 75% LTV band reduced by 0.20 bps with a range of fees available.
Paul Norcott, head of mortgages and insurances 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.
Natwest has announced the launch of a new two-year fixed rate 60% LTV BTL purchase deal, at 2.08% with no product fee. It is also launching a new two-year fixed 60% LTV purchase product.
In its core first-time buyer (FTB) ranges, which include shared equity and Help to Buy shared equity schemes, rates for selected two and five-year purchase products have been decreased by between 30-42bps.
Its two and five-year fixed rate residential purchase products have been reduced by between 5-35bps, and selected five-year fixed rate remortgage products decreased by between 3-23bps.
In the core BTL range, elected two-year fixed rate remortgage products decreased by between 1-32bps, while selected five-year fixed rate remortgage products decreased by between 35-61bps
Changes to Natwest’s semi-exclusive FTB range include two-year fixed rate purchase products increased by 5bps on 80% LTV deals, and have been cut by 5bps on 90% LTV deals, alongside a raft of other changes.
Mark Bullard, head of sales, said: “Having reviewed our portfolio, I’m delighted that we are able to make some significant rate reductions on many of our mortgages. This is particularly evident in our shared equity and five-year products as we believe there is a great opportunity to grow these sectors of the market.
Bullard continued: “We have had a great start to the year. Our recent announcement about our new BDM partnership model has been very well received by the broker community who will now have a field and a phone BDM supporting them.”
“We are looking forward to an exciting year ahead,” he added.