"We’re also able to lend to them at an LTI that is higher than our standard used in our other mainstream mortgage range."
The range is available to both first-time buyers and home movers with a range of fee options and cashback available at either £250 or £1,000. The products will allow enhanced income multipliers up to a maximum of 5.5 x income, subject to the Bank’s affordability assessment, and is higher than the current standard LTI of 4.85 x income on Platform’s other mainstream mortgage products.
Two-year fixed rates are available from 2.64% up to 85% LTV with a £1,499 fee and £250 cashback. At 90% LTV, rates are available at 3.29% with a £999 fee or 3.77% fee-free, both with £250 cashback.
A five-year fixed rate at 85% LTV starts at 3.27% with no fee and £1,000 cashback. 90% LTV five-year fixed rates are available at 3.56% with a £999 fee and £250 cashback and 3.91% with no fee and £1,000 cashback.
The new products will be available to recently qualified professional applicants who meet the Bank's approved list of professions and other criteria requirements.
Accepted professions include: fully qualified accountants, actuaries, architects, barristers, chartered surveyors, dentists, medical doctors, optometrists, pharmacists, solicitors and veterinarians.
Carolyne Gregory, director of retail lending at The Co-operative Bank, said: “We are passionate about supporting buyers looking for a mortgage with a competitive rate, especially buyers looking to take out a higher LTV mortgage. With our new Professional Mortgage options we’re now one of only a handful of lenders who are offering this type of product, with our range including competitive rates at both 85% and 90% LTV across both two and five year fixed terms as well as having a number of fee and cashback options up to £1,000.
"This mortgage product launch means we are able to offer buyers who work in one of our listed professions mortgage options that are not only within the high LTV bands, but we’re also able to lend to them at an LTI that is higher than our standard used in our other mainstream mortgage range. This feature should enable first-time buyers who meet our Professional Mortgage criteria to secure the mortgage they need to get on to the property ladder and it could also mean they can make that step to homeownership sooner than they thought was possible.”
Fred Sharp, Platform’s head of intermediary business, added: “We updated our broker partners about the new product ahead of the launch today and they have been really receptive about the new product. I’m anticipating that a number of brokers will be excited to talk to their clients who fit our Professional Mortgage criteria about this new option to market and what it could mean for them and their choices about buying their first home or making the next step on the property ladder. With an attractive cashback option, range of fees and competitive rates I think there will be significant interest in this product, especially with only a handful of other lenders offering this type of mortgage in the market currently.”
