Co-op's Platform launches 3.75% five-year fix mortgage

by Aaron Strutt

Feb 20 2023

Platform, the intermediary mortgage brand of The Co-operative Bank, has launched a new five-year fixed rate at 3.75%, currently the lowest rate available on the market. 

The 3.75% rate is available for property purchases and remortgages and is fixed until 31 July 2028. Applicants will need a 40% deposit to qualify, and the minimum loan size is £400,000. The maximum loan size is £2 million. 

After the fixed period, the mortgage reverts to the lender's current 6.79% standard variable rate, and there is a £1,999 arrangement fee.  

Aaron Strutt, product director at Trinity Financial, says: "This new larger mortgage loan fixed rate from Platform is a fair bit lower than the rates many other banks and building societies offer. Before borrowers lock in for five years, it is well worth checking the market to ensure they get the most competitively priced deal."

Representative example: A capital and interest mortgage of £500,000 payable over 30 years, initially on a fixed rate basis until 31 July 2028 at 3.75% and then on the bank's standard variable rate currently 6.87% for the remaining 25 years, 3.75% would require 64 monthly repayments of £2,313.69 followed by 296 payments of £3,134.98. The total amount repayable would be £1,076,007.90 made up of the loan amount, plus interest (£577,243.76 and £1,999 (product fee), £50 (final repayment charge), £50 (completion fee). The overall cost for comparison is 5.6% APRC representative.     

The actual rate available will depend on your circumstances. Please ask for a personalised mortgage illustration. 

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage    

Call Trinity Financial on 020 7016 0790 to secure a mortgage or book a consultation