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.