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Platform targets first-time buyers with mortgage rate cuts

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  • 10/04/2018
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Platform targets first-time buyers with mortgage rate cuts
Platform has reduced rates on a range of fixed-rate mortgages at 85% and 90% loan-to-value (LTV).

 

The intermediary mortgage arm of Co-op Bank has sliced up to 0.10 percentage points off deals for borrowers with smaller deposits.

At the same time, all buy-to-let five-year fixed-rate mortgages have been reduced by 0.05 percentage points.

The lender now offers a 2.34% five-year fixed-rate mortgage at 90% LTV with a £1,499 fee, and a 1.54% two-year fixed-rate mortgage at 85% LTV with a £999 fee.

Platform also launched a range of Help to Buy mortgages at 60 and 75% LTV.

Earlier this year, the lender closed its direct retail offering, putting its client origination through the broker channel.

Paul Norcott, head of mortgages and insurance at The Co-operative Bank (pictured), said: “We’re focused on growing our Platform mortgage business and these rate changes on higher LTV products, along with our recent move into Help to Buy, underlines our commitment to helping brokers offer competitive deals for first-time buyers.

“We continually review the products and rates we have available to ensure we’re listing mortgages our broker partners can recommend to their customers; especially those who want a mortgage that will help them take their first step on to the property ladder – we know that higher LTV mortgages are often what first-time buyers are looking for.”

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