Platform cuts rates for borrowers with small deposits

Platform has revised its mainstream mortgage range for brokers by cutting fixed rates at 80% and 90% LTV.

The intermediary lender of The Co-operative Bank has reduced two, three and five-year rates to 80% LTV by up to 0.15%.

These deals are available to both purchase and remortgage customers.

It has also cut its two-year fixed rate to 90% LTV by up to 0.10%, available for purchases only.

Stuart Beattie, head of mortgages at Platform, said: “Our latest rate reductions will be particularly attractive to those borrowers with smaller deposits who are specifically looking for higher-LTV deals.”

Rate reductions include:

Up to 80% LTV (for purchases and remortgages):

Two-year fixed rate at 1.59% (reduced from 1.69%), with a £1,499 fee.

Two-year fixed rate at 1.74% (reduced from 1.89%), with a £999 fee.

Three-year fixed rate at 2.29% (reduced from 2.44%) with a £999 fee.

Five-year fixed rate at 2.64% (reduced from 2.74%) with a £1,499 fee.

Five-year fixed rate at 2.79% (reduced from 2.89%) with a £999 fee.

Up to 90% LTV (for purchases only):

Two-year fixed rate at 3.39% (reduced from 3.49%) with a £999 fee.

Platform’s fee-free deals remain unchanged, while a small number of lower-LTV rates have been increased by between 0.05% to 0.15%.

All deals come with a free standard valuation for remortgagers and purchasers, plus free legals for remortgagers.

Cashback of £250 is also available on selected products.