Platform will introduce a new range of five-year fixed-rate products on Monday (2 August), and launch a series of rate cuts.
The broker-only arm of the Co-operative Bank says the new five-year fixed-rate mortgages are available for borrowers looking to lend at least £400,000 and with a 60% to 90% loan to value.
These products have a £1,999 fee, interest rates range from 1.07% to 2.84%, with up to £250 cashback.
The business will also cut the interest rates on select five-year fixed-rate deals between 60% and 95% LTV, by up to 43 basis points.
And will cut interest rates select two-year fixed-rate offers between 70% and 95% LTV, by up to 36 basis points.
Sale highlights include:
A two-year fixed-rate loan at 2.74% at 90% LTV, with no fee and £250 cashback.
A two-year fixed-rate product at 3.39% at 95% LTV, with no fee and £250 cashback.
A two-year fixed-rate offer at 0.92% at 60% LTV, with a £1,499 fee and £250 cashback.
And a two-year fixed-rate mortgage at 0.99% at 75% LTV, with a £1,499 fee and £250 cashback.
Co-operative Bank director of mortgage distribution Fred Sharp says: “We’re committed to offering competitive deals to borrowers who are in the market for a good value mortgage product for their circumstances.
“We’re continually reviewing the products we have available to ensure we’re offering the kinds of products that work best for consumers within all stages of the housing ladder.
“We’ve had a strong mortgage performance so far in 2021 with £3.1bn of gross lending during the first half as announced in our interim results yesterday [29 July] and we’re looking to continue that momentum into the second half of the year. With a strong pipeline of circa £1.5bn in net lending we’re really well placed to do just that.”
Co-operative Bank posted a first-half underlying profit of £12.9m, compared to a £33.9m loss a year ago, boosted by high levels of demand for mortgage products and the addition of over 10,000 small businesses that switched to the lender’s services during the pandemic.
Sales lifted 13.5% to £168m in the period.
Earlier this month, Platform announced rate cuts on selected higher-rate mortgages. It launched a two-year fixed-rate loan at 2.94%, down by 26 basis points, at 90% loan to value, with no fee and £250 cashback.
