From Monday April 9, the intermediary arm of Co-Op Bank is to offer first-time buyers with a deposit of only 5% and a 20% equity loan from the government-backed scheme a range of new products.
This includes, a competitive two-year fixed-rate of 1.54% and a five-year fixed-rate of 2.14, which is currently the lowest in the market – both deals are at 75% loan to value (LTV) and come with a £999 fee.
The lender will also offer a 2.34% five-year fixed-rate at 60% LTV with no fee.
The new mortgages have a maxiumum loan to income of 4.49 and gifted deposits from family members will be accepted.
And all of Platform’s Help to Buy mortgages are available with £500 cashback and free mortgage valuation.
Platform has confirmed it will not be offering Help To Buy remortgages at this stage.
Paul Norcott, head of mortgages and insurance at The Co-operative Bank said: “We’re pleased to be introducing Help to Buy mortgage products to our competitive range of intermediary mortgages.
“We’re focused on growing our business and continually review the products that we’re offering to ensure we’re listing the kinds of products that clients are looking for from brokers and that we’re helping them meet the demand of their customers; especially those who are wanting to make their initial step onto the property ladder and buy their first home.
“We’re looking forward to working with our broker partners to deliver this new product and our team will be on hand to support brokers who have any questions and need any further details.”
Brokers welcomed another player offering Help To Buy products.
Jane King, mortgage adviser at Ashridge-Private Finance, wrote on Twitter: “Congrats to Platform Home Loans for launching into the Help to Buy arena.
“Good to see more lenders in this market.”
Craig Hall, new build manager at Legal & General Mortgage Club added: “This is a positive step into the new build market from Platform by entering the Help to Buy scheme and shows their commitment to helping first-time buyers onto the property ladder.
“It is also pleasing to see Platform are supporting the schemes in England, London and Wales from launch.
“These competitive products will provide even greater choice to intermediaries and their customers.”