Co-op Bank targets first-time buyers with new mortgage range

House keys

Platform, the intermediary arm of The Co-operative Bank, will start offering 95 per cent LTV mortgages from September 3.

 This mortgage range is available for residential purchases, and are offered on two, three or five-year fixed-rate terms.

All of the 95 per cent mortgage offer two fee options. Borrowers can select a fee-free option, or chose a lower rate with a £999 product fee. The maximum loan across the range at launch is £350,000.

These mortgages also offer £500 cashback, and the first standard valuation will be free.

The five-year fixed-rate option charges a rate of 3.49 per cent, with a £999 product fee. The fee-free option charges a rate of 3.74 per cent.

At the same time Platform is also reducing rates on its two and five-year fixes at lower LTV brackets.

Its two-year fixes will be reduced by 0.1 per cent at 60 to 75 per cent LTV. This means a two-year fix, at 60 per cent LTV, will now charge a rate of 1.94 per cent – with no product fee.

Its five-year fixes have been reduced by 0.05 per cent at the same LTV bracket.

The Co-operative Bank’s head of mortgages and insurance Paul Norcott says: “We’re pleased to be able to continue to support first-time buyers and those who are finding it difficult to save a bigger deposit.”


Andrew Bester announced as new Co-op Bank chief executive

Co-op Bank, which last year signed a £700m deal to meet regulatory requirements, has confirmed that Andrew Bester (pictured) will begin working as its new chief executive as of today. Bester replaces Liam Coleman, who stepped down after a year and a half in the position. The bank’s new boss was group director of Lloyds for […]

Co-op Bank

The Co-op reduces rates on 90% fixed deals

The Co-operative Bank is reducing rates on select mortgage products, with all 90 per cent LTV fixed deals reduced by 0.25 per cent. The lender says the reductions will “result in some of the lowest rates available on the market.” The Co-operative’s new 90 per cent deals include the following: 1.79 per cent interest rate […]

mortgage, calculator

Credit-impaired mortgages on the rise: Moneyfacts

Data from Moneyfacts shows that the number of credit-impaired mortgage products on the market has risen from 751 to 843 since August 2017, and from 725 since last February. This, the firm says, is because of growing competition in the mainstream mortgage market driving providers to “branch out into more niche areas, including adverse credit […]


News and expert analysis straight to your inbox

Sign up