Head of Content
Mortgage Advisor & Director
Platform
About Platform
Platform was an intermediary-only mortgage lender and a subsidiary of The Co-operative Bank. It launched in 2003 following a merger between Britannia Building Society-owned Platform Home Loans and Verso, and became a part of Co-op Bank when it later merged with Britannia.
The Platform subsidiary has since been renamed and its products are now offered under its parent company’s new ‘Co-operative Bank for Intermediaries’ brand.
We can compare the latest rates available from this brand for you if you make enquiry below:
Compare Platform Mortgages Online in Seconds
We work with 90+ mortgage lenders from across the market, including Platform. We can help you compare mortgage rates from different lenders and find the best deal for you.
Our brokers will review rates at 90+ lenders to find the ideal mortgage for you. We'll show you the latest deals from Platform and others so you can make an informed decision about which option is right for you.
To get started, fill in our quick online form or call 01484 242424 to speak to our expert mortgage advisers today!
What type of mortgages do they offer?
The Co-operative Bank for Intermediaries offers the following types of mortgages:
- First-time buyer mortgages
- Mortgages for homemovers
- Remortgages
- Interest-only mortgages
- Buy-to-let mortgages
- Professional mortgages
Customers with an existing Platform mortgage can apply to switch to a current Co-operative Bank mortgage when their introductory rates period is due to end, and there is a section dedicated to this on the lender’s website. They can, however, consider other lenders too.
The lender’s residential mortgage range includes 2, 3, 5 and 10-year fixed-rate deals for purchase and remortgage customers, as well as lifetime tracker mortgages.
Its buy-to-let mortgage line features 2 and 5-year fixes, plus 2-year trackers.
What interest rates are available?
Co-operative Bank for Intermediaries' residential and buy-to-let mortgage rates are competative with the deals available from other intermediary-only lenders and generally lower than what is available from specialist mortgage providers.
The exact rate you quaify for with them will depend on how much deposit you have, the overall strength of your application and the type of product you choose.
We will compare the latest rates from this lender with their competitors from across the market for you when you make an enquiry with us.
How much you could borrow from them
The exact amount you can borrow from The Co-operative Bank for Intermediaries will depend on several factors, namely your income, the LTV and the product type. This lender will use a different income multiple for affordability based on these variables.
- 4.49 times income: For standard residential applicants
- 5 times income: When the LTV is less than 85% and income is £45,000 combined
- 5.5 times income: When the LTV is less than 85% and combined income is £75,000
- 6 times income: For its ‘Professional Mortgage’ range, aimed at fully qualified accountants, actuaries, architects, barristers, chartered surveyors, dentists, medical doctors, optometrists, pharmacists, solicitors and veterinarians
Enter your total household income into our calculator below to find out how much you can borrow based on these income multiples:
Deposit requirements
Co-operative Bank for Intermediaries has mortgage options for borrowers with various deposit amounts. The minimum they will accept is 5% of the property’s value.
Buy-to-let mortgage affordability is based on the interest cover ratio, with basic rate taxpayers needing it to reach 125% and higher rate taxpayers 145%. Deposit requirements for these mortgages start at 25% of the property’s value, and range up to 40%.
Will they offer a mortgage to borrowers with bad credit?
Platform’s successor The Co-operative Bank for Intermediaries will only offer bad credit mortgages to borrowers who have minor adverse, such as defaults or missed payments.
More severe issues including IVAs, CCJs, bankruptcies, debt management plans and repossessions will need to have been satisfied for at least six years.
Are Platform a good mortgage lender?
Its parent company The Co-operative Bank has an average rating of 4.2/5 on TrustPilot for all of its products and services. Its mortgage arm was ranked in 20th place out of 22 lenders in a mortgage market survey carried out by Which?, which assessed each mortgage provider based on their customer service and the competitiveness of their products.
Pros and cons
The table below offers an overview of The Co-Operative Bank for Intermediaries as a mortgage lender to help you decide whether they are the right option for you:
|
Advantages |
Disadvantages |
|
Some bad credit mortgage options available |
Limited long-term fixes available |
|
Positive customer reviews |
Limited options for older borrowers |
|
Can lend based on high income multiples |
Limited options for contractors |
|
Low deposit mortgages available |
Difficult to be approved with moderate-to-severe bad credit |
Compare rates and deals from Platform today
There are brokers on our team who have a working relationship with Platform. They know their product range well and can compare them with every competitor across the market on your behalf to help you decide whether they are the perfect fit for you.
Here are just some of the reasons you should use us for your mortgage comparison needs:
- Our mortgage brokers are whole-of-market
- They often have access to exclusive rates and deals
- We are 5-star rated on leading review websites
- Your first consultation is FREE
Ready to see how Platform's latest rates compare to deals from across the and speak to one of our brokers about their products? Get started here.
FAQs
Yes. The Co-Operative Bank has a dedicated hub on its website where Platform customers can view their account and switch over to the parent company's brand.