At 95 per cent LTV, Platform will cut rates on two, three and five-year fixed-rate mortgages by up to 0.37 percentage points from Wednesday. That means the lender’s two-fixed rate zero-fee deal for borrowers with a five per cent deposit will be reduced from 4.11 per cent to 3.74 per cent.
Between 60 to 90 per cent LTV, Platform will cut rates by up to 0.20 percentage points on selected deals.
A zero product fee option will be introduced to some 80 to 90 per cent LTV mortgage deals.
Fred Sharp, director of mortgage distribution at The Co-operative Bank, said; “We are committed to supporting first-time buyers who often need higher LTV lending, with some of our 80 to 90 per cent LTV products also offering up to £1000 cashback for borrowers.”
Zephyr Homeloans has launched an 80 per cent LTV mortgage through its packager channel.
Rates start at 3.89 per cent for a two-year fixed-rate mortgage and 4.15 per cent for a five-year alternative. Both are available for purchases and remortgages on standard properties. The maximum loan amount is up to £750,000.
Paul Fryers, managing director at Zephyr Homeloans, said: “Since Zephyr entered the market two years ago we have established ourselves as a lender that is finely attuned to the needs of specialist and portfolio buy-to-let landlords.”