New 95% LTV deals from Platform

Essex Home Finance
Platform has become the latest lender to announce its move back into the 95% loan to value (LTV) lending space.
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Platform has become the latest lender to announce its move back into the 95% loan to value (LTV) lending space.

The intermediary mortgage brand of the Co-operative Bank will reintroduce its range on Monday 10 May.

The 95% LTV mortgages will be available over a two or five-year fixed term and with a range of product fee options including £0 product fees, and all 95% LTV products benefit from £250 cashback.

The full product details of the 95% LTV mortgage range are:

  • Two-year fixed rate at 4.11% at 95% LTV with a £0 fee and £250 cashback available
  • Two-year fixed rate at 3.77% at 95% LTV with a £999 fee and £250 cashback available
  • Two-year fixed rate at 3.61% at 95% LTV with a £1,499 fee and £250 cashback available
  • Five-year fixed rate at 4.13% at 95% LTV with a £0 fee and £250 cashback available
  • Five-year fixed rate at 3.99% at 95% LTV with a £999 fee and £250 cashback available
  • Five-year fixed rate at 3.93% at 95% LTV with a £1,499 fee and £250 cashback available.

As well as re-launching 95% LTV options into its mortgage range, Platform is also adding more five-year fixed rate mortgage options and announcing rate reductions across a number of its products including reductions of up to 0.12 percentage points to its Professional Mortgage range.

Highlights of the range of mortgages available from Monday 10 May includes:

  • Two-year fixed rate at 1.15% at 60% LTV with a £999 fee and £250 cashback available
  • Two-year fixed rate at 2.34% at 85% LTV with a £1,499 fee and £250 cashback available
  • Two-year fixed rate at 2.48% at 85% LTV with a £999 fee and £250 cashback available
  • Five-year fixed rate at 3.08% at 85% LTV with a £0 fee and £1,000 cashback available

Other lending criteria changes that come into effect from Monday 10 May include the following:

  • Stipend/Benevolence income – Platform will allow stipend income as an acceptable income source to support the mortgage application. Stipend income cannot be the only form of income and must be alongside another source of income.
  • LTV limits increased – Residential application LTV limits are being increased for Ccapital raising and debt consolidation from 75% to 85%.

Carolyne Gregory, director of retail lending at the Co-operative Bank, said: “We are really glad to be re-launching our 95% LTV mortgage range to the market, adding more options to our range in support of aspiring home buyers who can only afford to realise their goal of owning a home with a 5% deposit.

“Although we have been able to maintain high LTV options with our 90% products and Professional Mortgage range we have seen demand for this additional LTV band and we have come back to market with competitive 95% LTV mortgages whilst ensuring we’re able to offer responsible and sustainable lending.”

Original Article from Best Advice 06/05/2021

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