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Platform ups select rates by 0.84 per cent

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  • 23/06/2022
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Platform ups select rates by 0.84 per cent
Co-op Bank subsidiary, Platform, has increased select mainstream, professional, buy-to-let and Help to Buy products by as much as 0.84 per cent.

Earlier this week the lender said it would temporarily withdraw certain products due to “unprecedented demand” for its mortgage products and to maintain its application processing expectations.

It said at the time that it would relaunch mainstream and buy-to-let products for new business and product switching today.

In its new business range, the lender has reintroduced two, three and five-year mainstream products with a rate increase of 0.73 per cent.

Two-year fixed rates start from 3.43 per cent, three-year fixed rates begin from 3.4 per cent and five-year fixed rates are priced from 3.33 per cent.

Platform has also brought back its two and five-year fixed rate professional mortgage products in the same range, again with increases of up to 0.73 per cent.

Two-year fixed rates begin from 3.69 per cent and five-year fixed rates begin from 3.52 per cent.

It has also lowered cashback on its fee-free five-year fixed rate from £1,000 to £500.

Two and five-year fixed rate buy-to-let products have also been relaunched with rate rises of up 0.73 per cent.

Rates for two-year fixed rates start from 3.39 per cent, whilst five-year fixed rates begin from 3.45 per cent.

Its premier two-year fixed rate buy-to-let product has been reintroduced, with rates now 0.84 per cent higher. At 60 per cent loan to value (LTV) the product is 3.36 per cent and at 65 per cent LTV it is 3.39 per cent.

The lender added that it had brought back its two and five-year fixed rate Help to Buy products with up to a 0.73 per cent rise.

Two-year fixed rates at 60 per cent LTV start from 357 per cent, whilst five-year fixed rates begin from 3.47 per cent.

In its product switch range, its mainstream two, three and five-year products have been reintroduced with rises of up 0.83 per cent, and its two-year trackers have increased by 0.25 per cent.

Two-year fixed rates are priced from 3.23 per cent, three-year fixed rates from 3.23 per cent, five-year fixed rates from 3.19 per cent and two-year tracker rates from 1.94 per cent.

Platform’s two and five-year fixed rate buy-to-let products in this range, and its two-year fixed rate premier buy-to-let product have risen by the same amount as the new business range, as has its Help to Buy products.

As a result of the Bank of England base rate increase to 1.25 per cent, Platform said that its Standard Variable Rate (SVR) now stood at 5.49 per cent.

It added that it now had a revised valuation fee scale for its new business range, but did not disclose what it was specifically.

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