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Platform offers £1,000 cashback on select high LTV mortgages

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  • 27/11/2020
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Platform offers £1,000 cashback on select high LTV mortgages
Platform has enhanced its mortgage range with the addition of £1,000 cashback, as well as rate reductions on select deals, including at 90 per cent loan to value (LTV).

 

The intermediary arm of the Co-operative Bank is also removing current requirements that first-time buyers must have been employed for a minimum of six months prior and allowing gifted deposits where the loan amount exceeds £500,000.

Applicants will now just need to meet the standard criteria, for example, to be in permanent employment.

The changes will take effect from Monday 30 November, with the new products available at the same time.

The range includes two-year fixes of 3.74 per cent and 3.09 per cent at 90 and 85 per cent LTV respectively.

There are also five-year fixes of 3.79 per cent and 3.14 per cent at 90 and 85 per cent respectively.

All deals above are fee-free and come with £1,000 cashback.

The lender said it has also made changes to processing and increased capacity so that it is now assessing new applications on the day of receipt.

Carolyne Gregory, director of retail lending at The Co-operative Bank, said: “We have been really keen to offer as many mortgage options as we can to potential customers and now we are not only reintroducing more products but also making some of our mortgages available with a £1,000 cashback option, the highest cashback amount we’ve offered in recent years.

“£1,000 back in the pockets of borrowers could be put towards the cost of moving, or for some it’s a chance to splash out on something they really want to buy for their new home.”

Fred Sharp, head of intermediary business (pictured), added: “As well as working on our product offering we have also made several enhancements to our processing capability and we have increased capacity within our operational teams.

“This enables us to confidently provide both brokers and their clients with a high level of service.

“We are now assessing new applications on the day of receipt and to help us support this level of service, brokers can find our packaging requirements and our latest service level information on our website for review before submitting an application.”

 

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