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Platform launches professional mortgages with higher LTIs

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  • 01/02/2021
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Platform launches professional mortgages with higher LTIs
Platform has launched a range of mortgages for professionals with borrowing available at up to 90 per cent loan to value (LTV) and higher loan to income (LTI) ratios.

 

The intermediary arm of the Co-operative Bank is offering the new deals to recently qualified professional applicants, including fully qualified accountants, actuaries, architects, barristers, chartered surveyors, dentists, medical doctors, optometrists, pharmacists, solicitors and veterinarians.

The products will allow enhanced income multipliers up to a maximum of 5.5 times income, compared to the lender’s 4.85 times income mainstream mortgage products.

The range features two and five-year fixes with a range of fee and cashback options, including two-year fixes of 2.64 per cent at 85 per cent LTV or 3.29 per cent at 90 per cent LTV.

Five-year fixes at 90 per cent LTV include a 3.56 per cent deal with a £999 fee and £250 cashback or 3.91 per cent at 90 per cent LTV with a £0 fee and £1,000 cashback.

As well as launching the professional mortgages, Platform has reintroduced a number of two-year fixed rate mortgages and made rate reductions to some on sale five-year fixes by up to 0.12 percentage points.

Carolyne Gregory, director of retail lending at the Co-operative Bank said: “We are passionate about supporting buyers looking for a mortgage with a competitive rate, especially buyers looking to take out a higher LTV mortgage.

“With our new professional mortgage options we’re now one of only a handful of lenders who are offering this type of product and with our range including competitive rates at both 85 per cent and 90 per cent LTV across both two and five-year fixed terms as well as having a number of fee and cashback options up to £1,000.

“This mortgage product launch means we are able to offer buyers who work in one of our listed professions mortgage options that are not only within the high LTV bands, but we’re also able to lend to them at an LTI that is higher than our standard used in our other mainstream mortgage range.

“This feature should enable first-time buyers who meet our professional mortgage criteria to secure the mortgage they need to get on to the property ladder and it could also mean they can make that step to homeownership sooner than they thought was possible.”

 

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