About Platform

Platform was an intermediary-only mortgage lender and a subsidiary of The Co-operative Bank. It was launched in 2003 as a result of a merger between Britannia Building Society-owned lenders Platform Home Loans and Verso, and became a part of The Co-operative Bank when it merged with Britannia six years later.

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.

As an intermediary-only lender, Co-operative Bank for Intermediaries is well placed to offer mortgages with greater flexibility than high street banks. Their deals can only be accessed through a mortgage broker, like the independent mortgage specialists at Teito.

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 and 5-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?

At the time of writing (January 2024), Platform’s successor is offering interest rates ranging between 4.68% for a 5-year fix (60% LTV) and 6.44% for a lifetime tracker (90% LTV).

Buy-to-let mortgages rates range between 4.75% (5-year fix) and 6.19% (2-year tracker).

Their standard variable rate at the time of writing is 8.12%.

The exact rate you qualify for will depend on the loan-to-value ratio and the overall strength of your application, among other factors. You can compare rates and deals from The Co-operative Bank with all of its competitors for free on Teito - get started here.

Affordability and deposit requirements

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

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.

Compare rates and deals from Platform today

You can compare rates from Platform’s success with their competitors from across the market for free on Teito, as well as access broker support so you can apply for their deals.

Follow the steps below to browse rates in real time and choose your mortgage online:

Get started here: Then select whether you are looking for a two-year fixed-rate mortgage to buy a property or for remortgage purposes.

Specify the purpose of the property: You can compare two-year fixed-rate mortgages for residential or buy-to-let purposes, as well as remortgages.

Choose your own mortgage: Finally, tell us what stage you are at in the process and you can compare rates from across the market and choose the deal you want.

After you have selected a mortgage deal, one of our mortgage brokers will check over your application before securing an agreement in principle for you. They will be on hand to offer bespoke advice, make sure you’re getting the best deal, and oversee your application.

FAQs

Can I make overpayment on my Platform mortgage?

Yes. If you have an existing Platform mortgage, you should have the option to make overpayments totalling 10% of the outstanding mortgage balance while fixed in. Most of the lender’s products include this option, while lifetime trackers have no overpayments cap.

If you make overpayments of more than 10% on a product with this cap in place, there could be early repayment charges (ERCs) to make.

What credit reference agency does Platform use? 

Platform’s successor primarily uses Experian as its main credit reference agency. There is no specific credit score you need to get a Co-operative Bank for Intermediaries mortgage, but the lender will check your credit file to make sure there is no deal-breaking adverse.

Are later life lending options available?

Co-operative Bank for Intermediaries has partnered with Legal & General to offer lifetime mortgages and retirement interest-only mortgages for borrowers over 55.