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.
You can compare the latest rates available from this brand below:
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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.
At the time of writing (October 2024), examples of their latest rates include:
- Residentrial mortgages ranging between 3.85% and 6.19%.
- Buy-to-let mortgages ranging between 4.16% and 5.94%
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
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.
How Teito Works
You have two options when you get started with Teito: you can select the option to speak with an advisor straight away or source a mortgage yourself. If you want to choose your own mortgage deal, follow the steps below:
Click ‘Get Started’
Hit the button below and enter a few quick details. It takes less than 60 seconds to begin the mortgage process with us
Compare Quotes Online
Next you can view rates and deals from across the entire market online and choose the one you want in real time
Apply Online
We’ll take it from here and have an expert mortgage broker on hand to ensure you have chosen the best deal for you
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.