The intermediary Mortgage Lender of The Co-operative Bank, Platform, has launched a new £1,000 cashback deal on selected mortgage deals.
The introduction of the new deal comes as part of a product revamp, which has seen the bank re-introduce mortgage deals at 80 and 90% LTV in recent weeks. These higher loan-to-value mortgages will qualify for this new cashback deal. That is the highest rate the bank has ever offered.
£1,000 cashback deal:
The new range is available from today,30 November. The new £1,000 cashback deal included following:
2-year fixed at 3.74 per cent (90 per cent LTV) with £0 fee
2-year fixed at 3.09 per cent (85 per cent LTV) with £0 fee
2-year fixed at 2.49 per cent (80 per cent LTV) with £0 fee
5-year fixed at 3.79 per cent (90 per cent LTV) with £0 fee
5-year fixed at 3.14 per cent (85 per cent LTV) with £0 fee
If you need further advice on £1,000 cashback deal, please call us. Our mortgage advisor will offer you a free initial consultation.
Gifted deposits under £500,000:
Platform is also changing its criteria to allow gifted deposits, provided the loan amount do not exceed £500,000. Previously it had specified that first-time buyers needed to be employed for a minimum of 6 months prior to application. But now they will just need to meet the standard criteria of being in permanent employment.
Head of intermediary business Fred Sharp from Platform says that Platform has changed these criteria in response to the broker feedback.
“This is a good example of how we are committed to listening to our broker partners and can work together to improve the experience of their clients, in this case specifically, first-time buyers who now have better access to our mortgage range.
“As well as working on our product offering we have also made several enhancements to our processing capability and we have increased capacity within our operational teams.
“This enables us to provide both brokers and their clients with a high level of service. We are now assessing new applications on the day of receipt and to help us support this level of service.”