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Platform increases new business rates as TSB pulls shared equity mortgages

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  • 24/09/2020
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Platform increases new business rates as TSB pulls shared equity mortgages
Platform has increased rates for new customers by up to 0.33 per cent and adjusted rates for existing switching customers.

 

Its five-year fixed for new business at 70 and 80 per cent loan to value (LTV) with a £999 fee has risen by 0.33 per cent. The 70 per cent LTV product now has a rate of 1.75 per cent, while the 80 per cent alternative is 2.18 per cent. 

Across its product transfers, its two-, three- and five-year fixed products at 60 to 75 per cent LTV have gone down by 0.28 per cent. 

Meanwhile, its three- and five-year fixes at 85 per cent LTV which have decreased by 0.29 per cent. 

At 80 and 90 per cent LTV, its two-year fixed offerings have gone up by 0.16 per cent, while the fee-free three- and five-year fixes at 80 per cent have risen by 0.04 per cent. 

The three- and five-year deals at 80 per cent LTV with a product fee of £1,249 have seen a rate cut of 0.03 per cent. 

Additionally, the lender has temporarily withdrawn all buy-to-let and Help to Buy mortgages for new business. 

A spokesperson for Platform said: “We’ve taken the decision to temporarily withdraw some of our products from the market as we continue to see unprecedented demand for new mortgages.  

“We are prioritising existing applications to ensure we’re able to maintain our service levels for customers. We will continue to review our product range with the aim to reintroduce more options at the earliest opportunity.” 

 

TSB pulls shared equity deals 

TSB has withdrawn all its shared equity house purchase and remortgage products at 75-85 per cent loan to value (LTV) tiers. 

Its two- and five-year fixes up to 75 per cent LTV remain for shared equity borrowers with larger deposits. 

A TSB spokesperson said: “These changes are part of our regular view of our products.” 

 

 

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