The Co-op Bank intermediary mortgage division Platform has confirmed that it will be making its 90% loan to value (LTV) five-year fixed rate products available to borrowers again.
It will have two loans available at 90% LTV, with these being a fixed rate five-year loan with a rate of 3.79% and fee of £999, and a fixed rate five-year mortgage that comes with a 3.99% rate and no fee at all. In addition, Platform has stated that both of these loans will offer any borrower who opts for them cash back of £250.
Restoring mortgages to its product range that had been temporarily discontinued is not the only news that Platform has announced. The lender is also introducing changes to the level of LTV that can be considered under the maximum income multiplier. Before now it was 80% LTV, but from now on it will be 75%.
The Co-op Bank Director of Retail Lending, Carolyne Gregory, told Financial Reporter that it had been dealing with numbers of applications for loans that were beyond anything it was used to during the past few months, before adding:
“We are working hard to process existing applications and we have now taken the decision to reintroduce 90% LTV products back into our range as we know that there is a consumer demand for higher LTV mortgages.”
The mortgage market is beginning to readjust following the turbulence of 2020, and with ever more people doing a CeMAP training course to become an advisor, it is welcome news.