Platform doubles mortgage lending in 2010
Share
Platform, the intermediary mortgage business of the Co-operative Bank doubled its lending from £0.3bn in 2009 to £0.6bn last year.
The figures were released today as part of The Co-operative’s annual results for 2010 which saw the financial services business increase profits by 17.7% to £208.6m.
Lee Gladwell, business development director at Platform, says: “These numbers show how we significantly stepped up our lending and support for intermediaries during 2010.
“Whilst the numbers represent a small proportion of the market, they confirm our growing presence in a period when many of our competitors were retrenching.
“In 2009, we controlled volumes carefully as we built a new proposition anchored on helping intermediaries really deliver for their clients. Last year, we broadened this to a wider broker market whilst remaining absolutely focused on listening and responding to their needs.”
Platform launched as a mainstream mortgage lender to the intermediary market in 2009, the lender says it now plans further growth in 2011 and is focused on increasing its share in the buy-to-let market.
If you enjoyed this article, sign up here to receive daily email updates from Mortgage Strategy and Follow @mortgagestrat
Readers' comments (2)
Anonymous | 30 Mar 2011 11:07 am
Good news. Could do with higher ltv products though.
Unsuitable or offensive? Report this comment
Anonymous | 30 Mar 2011 12:42 pm
Yep definitely needs higher LTV products...
- Also needs to accept adverse......
- and obviously accept self employed who can't prove income.....
- come to that employed people who can't prove income......
- ex bankrupts
- people with previous repossessions.
- whilst we at it they might as well lend to people who've only just started trading.
- sod it........lets chuck in some missed mortgage payments too.
Well done - you have created the world circa 2006.
Unsuitable or offensive? Report this comment