Platform (also known as Platform Home Loans) is an intermediary mortgage lender for The Co-operative Bank. This means they do not offer mortgages directly to the public. Instead, their mortgages are only available through professional mortgage advisors and cover residential and buy to let mortgages.
Platform breakdown their mortgages into two categories Mainstream (commonly called Homeowner mortgages) and buy to let mortgages. They offer different types of mortgage products within these categories giving customers a variety of options.
Platform’s Mainstream homeowner mortgages are available for first time buyers, current homeowners who are moving house and those looking to remortgage. Their different kinds of homeowner mortgage offer different benefits and features for borrowers.
Offering fixed interest rates for the first 2-5 years of the mortgage term. This can make borrowing more affordable and allow more accurate medium term financial planning.
Tracker mortgages offer interest rates set at a certain margin above the Bank of England Base Rate (or an equivalent rate). The rate you pay may track the base rate for an introductory period or the life of the loan.
With a cashback mortgage you receive a cash lump sum upfront as a bonus for taking the mortgage. This can help with fees or other costs, but you may miss out on the best rates if you take this option.
Ideal for first time buyers or those looking to increase their borrowing by remortgaging. A 90% LTV mortgage allows you to borrow up to 90% of your property’s value, making it easier for first time buyers to get the necessary deposit together and allowing existing homeowners to unlock extra capital.
Platform offer buy to let mortgages through certain partner businesses including Connells, Countrywide and Legal & General. They are offered as fixed rate or tracker mortgages and are available as standard buy to let mortgages, let to buy mortgages for homeowners looking to move and rent out their old home and Premier buy to let mortgages for loans of 350,000-£500,000.
Loan to value (LTV) ratio is a metric lenders use to decide how much to lend to their customers. It is a way of expressing what percentage of a property’s value they will be willing to offer as a mortgage. So, if you are offered a 70% LTV mortgage on a £100,000 property, you would be able to borrow up to £70,000.
In general, the higher your LTV, the bigger the risk for the lender so the higher interest rates they will charge.
If you want to see top mortgage deals available from all the leading and specialist lenders across the market, our mortgage calculator can help. All you need to do is head to the top of the page and share some basic information such as how much you are looking to borrow and how long for. We will then match you with appropriate mortgage products to help make your choice easier.
