Platform's new 5.15% five-year fixed-rate mortgage unlikely to be available for long

by Aaron Strutt

Jul 06 2023

Platform for Intermediaries has launched some competitively priced two, five and ten-year fixed-rate mortgages, but they are unlikely to be around for long.

Platform's lowest fixed rate for £400,000+ mortgages is 5.15%. It is available for property purchases and remortgages, and the rate is fixed until 31 December 2028. The rate rises by 0.04% for mortgages below £400,000.

After the fixed period, the mortgage reverts to the lender's current 7.37% standard variable rate, and there is a £1,999 arrangement fee. Applicants will need a 25% deposit to qualify.  

Platform's new ten-year fix is available for applicants with larger deposits and it is priced at just over 5%. The rate doesn't have an arrangement fee.

For applicants keen on shorter-term deals in the hope rates will come down soon, Platform's two-year fixes start from just over 5.7%. Borrowers will need a 40% deposit to qualify for the lowest rates. 

Aaron Strutt, product director at Trinity Financial, says: "Platform has a reputation for launching best buy mortgages and withdrawing them quite quickly. Their rates are normally very popular to the point where the lender is inundated with applications.

"Mortgage lenders are pulling their rates with little notice, so if you see a product you like, make sure your application is going to be submitted that day or as soon as possible."

Representative example: A capital and interest mortgage of £501,999 payable over 30 years, initially on a fixed rate basis until 31 December 2028 at 5.15% and then on the bank's standard variable rate, currently 7.37% for the remaining 25 years, 5.15% would require 64 monthly repayments of £2,057.18 followed by 356 payments of £2,596.68. The total amount repayable would be £1,058,126.60 made up of the loan amount, plus interest (£655,768.39 and £1,999 (product fee), £50 (final repayment charge), £35 (completion fee). The overall cost for comparison is 6.8% APRC representative.  

Platform is the broker lending arm of The Co-operative Bank.

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

The information contained within was correct at the time of publication but is subject to change.

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