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Platform withdraws two and five-year fixes due to ‘unprecedented demand’

  • 10/12/2020
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Platform withdraws two and five-year fixes due to ‘unprecedented demand’
Platform, the intermediary arm of the Co-operative Bank has withdrawn its two-year fixed products and five-year fixed at 60 to 75 per cent loan-to-value (LTV).

The five-year products were offered with a £1,499 and a £0 fee.

The products were withdrawn temporarily yesterday. There are no other changes to the range.

A Platform spokesperson said: “Due to unprecedented demand we have made the decision to temporarily remove our two year fixed rate mortgage product range and our five year fixed rate Platform mortgage products at 60 per cent to 75 per cent LTV from sale. We are continuing to monitor the wider market and will communicate any further product changes as early as possible to our broker partners.”

The provider launched back into 90 per cent loan-to-value (LTV) deals in mid-November after pulling out of the market in August.

At the same time it reduced the loan-to-value (LTV) at which its maximum income multiplier can be considered from 80 per cent to 75 per cent LTV.

All lending above 75 per cent LTV will now have a maximum income multiplier of 4.49, while all lending at 75 per cent LTV or lower will still be eligible for the 4.85 times income multiplier.

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