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Platform mortgages (Co-op Bank Mortgage)
In this guide
If you’re looking for a new mortgage, you have a wide number of mortgage lenders to choose from.
One such lender is Platform, an intermediary mortgage lender for the Co-Operative Bank.
Keep reading to learn more and then get in touch with our team to see if Platform is the right mortgage lender for you.
Platform launched in February 2003 and eventually became the mortgage arm of the Co-operative Bank in 2009.
Platform sets itself apart from many of its competitors by taking an ethical and socially conscious approach to mortgage lending. They work closely with a number of charities, including homeless charity Centrepoint, as a means of giving back to communities across the UK.
Platform provides a range of mortgage options, including buy-to-let, help-to-buy, fixed and tracker rate mortgages. Their deals are open to a wide range of people but a customer with bad credit may struggle to get a mortgage from them. Platform’s mortgage rate depends on the mortgage size, loan to value, the product fee, and other factors.
If you are interested in a mortgage with Platform, you cannot apply to them directly. Their mortgages are only available through a professional mortgage broker such as ourselves. As such, we recommend that you get in touch with our team if you’re interested in the mortgages that Platform offers their customers. An experienced mortgage adviser will then talk you through the relevant next steps.
Compare Platform mortgages
Platform’s mortgages are broken down into two categories: Homeowner mortgages and buy-to-let mortgages. They offer different mortgage types within these categories to give each customer various options.
Which mortgage type is right for you? We briefly discuss your options below but for a more detailed discussion, speak to a member of our team who will recommend the most suitable mortgage type based on your financial and personal circumstances.
Platform mortgages are available for home movers, first-time buyers, and customers looking to remortgage. Each type of homeowner mortgage offers different features and benefits for borrowers so it might be that one is more suitable for you than another.
Platform’s fixed-rate mortgages come with fixed interest rates for the first 2-5 years of the mortgage term. This means your mortgage repayments won’t change if the Bank of England base rate rises so you won’t have to worry about any sudden price hikes.
Tracker rate mortgages
The interest rate on a tracker mortgage is set at a certain percentage above the Bank of England base rate (or an equivalent rate). This means the amount you pay each month could go up if interest rates rise.
With a cashback mortgage, you receive a lump sum of cash upfront when you take out the mortgage. This can help you pay for the product fee and any other costs attributed to your mortgage or house move. However, you may miss out on the best rates of interest if you choose this option so the overall cost of your mortgage could increase.
90% LTV mortgages
With a 90% LTV mortgage, you can borrow up to 90% of the property value, which means you only need to pay a 10% deposit.
First-time buyers can benefit from these mortgages as saving for a deposit can be easier. Homeowners looking to unlock extra capital can benefit too. But while 90% LTV mortgages can be attractive, they are typically the most expensive mortgage option as they come with higher interest rates.
Platform offers buy-to-let mortgages via selected business partners such as Legal & General, Connells, and Countrywide.
They offer fixed rate and tracker mortgages which are available as standard buy-to-let mortgages, let-to-buy mortgages for customers looking to rent out their old property after moving house, and Premier buy-to-let mortgages which have a minimum loan value of £350,001 and a maximum loan value of £500,000.
The loan-to-value ratio is the ratio of what you borrow from the lender against how much you pay as a deposit. So, with an 80% loan-to-value (LTV) mortgage, for example, you would borrow 80% of the overall cost of the property and pay a 20% deposit upfront.
As mentioned, Platform offer 90% LTV mortgages to eligible customers but to benefit from the lowest mortgage rates and smallest monthly repayments, it’s worth raising enough money to pay a larger deposit to secure a lower LTV mortgage.
Platform offers some attractive mortgage deals but as there are 90+ lenders on the mortgage market, including both mainstream and specialist lenders, there may be better mortgage deals available elsewhere.
A mortgage broker can reduce the overall cost of your mortgage by helping you find a deal with the lowest mortgage rates so contact our team and we will compare Platform mortgages with the other deals being offered by their competitors.
Is Platform a good mortgage lender?
According to a review by Which, Platform has a customer score of 68% and they are ranked joint 8th out of 15 mortgage providers, based on a number of factors, including value for money and customer service.
There are certainly advantages to choosing Platform for your mortgage, especially if you’re socially conscious, as they donate money to a charity for each mortgage deal that they complete. They also offer a free standard mortgage valuation and offer cashback on some of their mortgage deals.
Platform mortgages will accept an interest-only mortgage for a buy-to-let property however they will not offer an interest-only mortgage on a residential property.
As such, Platform could be considered a ‘good’ lender but there may be other mortgage lenders that are more suitable for you. We can give you more information should you choose to use our services and we will help you compare Platform with the other lenders on the market. Get in touch with us by phone, WhatsApp, or our contact form, and we will arrange an appointment with you.
The average speed of a mortgage application is 16 days, which is standard across most mortgage lenders. Your application could be approved within a shorter time frame but this will depend on the quality and complexity of your application and the busyness of the lender.
As part of their affordability assessments, mortgage providers use income multiples when deciding how much to lend their customers.
Currently, Platform offers income multiples of:
4.75 x annual income for loans up to 60% LTV
4.49 x annual income for loans over 60% LTV
4.49 x annual income for Help to Buy loans
Up to 5.5 x annual income for applicants in certain professions
The amount you will be eligible to borrow will depend on your annual income and other aspects related to your financial circumstances.
Use the mortgage calculator below to estimate what you may be able to borrow with a Platform mortgage from the Co-operative Bank.
Platform mortgage calculator
Enter your details in the calculator to estimate the size of your Platform mortgage repayments. To get a more accurate figure related to your repayments and the overall cost of a mortgage with this lender, arrange an appointment with a member of our team.
Frequently Asked Questions
Platform’s mortgage offers are valid for 6 months but if there are construction delays on your property, they may be willing to revise and extend your offer for a further 3 months.
The company might carry out a credit check after your mortgage offer if new information comes to light that could affect your application. Such information could relate to your other debt if you have loans or debt secured with other companies.
Platform will confirm the date of the first mortgage payment after the completion stage.
On Platform’s fixed-rate mortgage deals, you can make an overpayment of up to 10% of your outstanding balance each year without incurring an early repayment charge.
If you do make a payment over 10%, you will be subject to Platform’s early repayment charge, so this is something to keep in mind if you want to pay your mortgage off sooner.
Details of how much you will be allowed to overpay will be on the terms and conditions of your mortgage.
You can only take a payment holiday if you have a flexible mortgage account. To find out if your mortgage includes this option, you can contact Platform directly at 01752 236555.
When your loan deal with Platform expires, your mortgage will fall onto its standard variable rate. As this will likely be higher than the rate you were on, it is wise to remortgage onto a new mortgage, be that with the Platform arm of the Co-operative Bank or another lender.
You have the option of changing your mortgage rate with Platform before your current deal ends but you may incur their early repayment charge. You might also be subject to their early repayment charge if you decide to move to a new lender before the expiry date of your existing mortgage.
While it’s wise to wait until near the end of your deal before arranging a new mortgage to avoid having to pay an early repayment charge, it might still be in your best interest to remortgage early if it means you will be financially better off on a more affordable mortgage, despite the early repayment charges. We can help you do the sums to get in touch with our team if you do want to pay off your mortgage early.
TrustPilot, Which, and MoneySavingExpert are just some of the consumer websites that discuss Platform and co-operative bank and their mortgage products. As well as checking out these sites you should also look for the relevant forums online as you will be able to receive information from Platform’s existing customers.
As is the case with every mortgage provider, there will be fees attached to your loan. These include the product fee, booking fee, and valuation fee.
Platform (co-operative bank) requires each customer to have to buildings insurance when taking out a loan. Platform mortgage and the cooperative bank are regulted by the Prudential Regulation Authority.
Contents insurance is also recommended but this isn’t compulsory.