New 5 year fixed rate mortgage from Platform.
A new range of fixed rate mortgage products have been launched by the Co-op intermediary, Platform.
Included in the new range are 2 and 5 year fixes which start from 3.19%.
Mortgage rates have fallen since the release of cheaper funding to UK lenders by the Bank of England earlier in the year. A fixed rate mortgage war was waged over the summer as HSBC and NatWest fought to see who could offer the lowest rate ever.
While fixed rates have fallen, it is true to say that the largest reductions have been offered to the large deposit end of the market.
Platform's new offers are at a 20% deposit level, which should make them more accessible to the many smaller deposit holders who struggle to save more to purchase a home.
A 5 year fixed mortgage rate for 80% loan to value is now on offer at 3.45% with a £950 fee, and for 85% loan to value a 5 year fix is available at 4.95%, which is fee free. A 2 year tracker mortgage has also been released for 60% loan to value at 3.19% with a £950 fee.
Platform have included both free legal work and a free standard valuation for remortgage customers.
A spokesperson commenting on behalf of the Co-op has said that Platform is committed to supporting its customers by offering a mortgage range that is suited to their needs. The increase in demand for longer term fixes has led to the inclusion of 5 year fixed rates.
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