Platform releases limited 90 per cent LTV range
The high LTV range from Platform will be available to borrowers in England and Wales from Friday, while customers in Scotland will be offered the products from 29 June when physical valuations resume in the country.
Two products will be available for purchases and remortgages. It includes a five-year fixed with a rate of 3.29 per cent with a product fee of £1,499 and a fee-free alternative with a rate of 3.49 per cent.
Both deals have free valuations and remortgage customers will be entitled to free standard legals.
Platform said it will offer these products while it continues to review the demand for the offering.
Fred Sharp, head of intermediary business, said: “We’re glad to be able to offer our broker partners the choice at 90 per cent LTV mortgages when looking for the best deal for their client’s circumstances.
“We recognised there is a customer need for this type of mortgage, so we wanted to be able to support this – albeit on a limited basis dependent on demand. We will continue to monitor the appetite for this type of mortgage and we will update our broker partners if we need to make changes to our range.”
Carolyne Gregory, head of retail lending at The Co-operative Bank, added: “As the market remains limited in the 90 per cent LTV category, we’re pleased to be able to offer this higher LTV lending at a competitive price for customers who need to borrow at this level to help make their house purchase a reality.
“We’ll keep this offer available for as long as we can, dependent on demand.”
Accord launches 90 per cent LTV porting mortgages
Accord Mortgages has released high LTV products for customers who want to transfer their mortgage to a new property and made changes to its portability procuration fee for brokers.
Accord previously paid a procuration fee of 0.3 per cent on the top up balance of a residential portability case but will now be paying a fee of 0.3 per cent on the full balance of a portability case.
Four porting products have been made available to customers at 85 per cent and 95 per cent LTV.
At 85 per cent LTV, there is a two-year fixed rate at two per cent or an offset version at 2.30 per cent. Within the 90 per cent LTV category, there is a two-year fixed rate at 2.99 per cent or an offset version at 3.29 per cent.
All products have no fee and a minimum loan size of £3,000.
The lender has also made its residential portability process digital, by providing an editable PDF form and temporarily allowing for digital signatures.
Jeremy Duncombe, director of intermediary distribution at Accord Mortgages, said: “We know brokers work hard to deliver the best service for their client, whether that be a new application, product transfer or porting a mortgage.
“With this in mind, we have revised our fees and responded to broker feedback with improvements to the application process.”
