Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Platform launches professional mortgage range with high LTVs

mortgage

The new products will be available to recently qualified professional applicants who meet the Bank’s list of professions and other criteria

Platform, the intermediary mortgage brand of The Co-operative Bank, has launched a new professional mortgage range with high LTVs and a higher than standard loan to income ratio.

The range is available to both first-time buyers and home movers with a range of fee options and cashback available at either £250 or £1,000. The products will allow enhanced income multipliers up to a maximum of 5.5 x income, subject to the Bank’s affordability assessment, and is higher than the current standard LTI of 4.85 x income on Platform’s other mainstream mortgage products.

Two-year fixed rates are available from 2.64% up to 85% LTV with a £1,499 fee and £250 cashback. At 90% LTV, rates are available at 3.29% with a £999 fee or 3.77% fee-free, both with £250 cashback.

A five-year fixed rate at 85% LTV starts at 3.27% with no fee and £1,000 cashback. 90% LTV five-year fixed rates are available at 3.56% with a £999 fee and £250 cashback and 3.91% with no fee and £1,000 cashback.

The new products will be available to recently qualified professional applicants who meet the Bank’s approved list of professions and other criteria requirements.

Accepted professions include: fully qualified accountants, actuaries, architects, barristers, chartered surveyors, dentists, medical doctors, optometrists, pharmacists, solicitors and veterinarians.

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.

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

Fred Sharp, Platform’s head of intermediary business, added: We updated our broker partners about the new product ahead of the launch today and they have been really receptive about the new product.

Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.