Intermediaries given chance to score with new mortgage

With the globe's greatest football tournament kicking off in South Africa next month, Platform have launched a new mortgage fixed until the next World Cup begins in 2014.

The dedicated intermediary lender of The Co-operative Bank believes its new four year fixed mortgage with a headline rate of 3.99 per cent could break the market's current monopoly for two year fixed products.

Rates are:

Up to 60% - 3.99%
Up to 70% - 4.19%
Up to 75% - 4.49%
Up to 80% - 4.99%

The deal is available for both purchases and remortgages and offers a free valuation, while legal fees are free to those remortgaging.  It comes with an arrangement fee of £1995 and a £140 administration fee cost.

This new exclusive product is currently available through a number of Platform's intermediary partners which include: Connells, Countrywide, Legal & General, London & Country, Openwork, Personal Touch Financial Services, and Sesame.

Lee Gladwell, Business Development Director at Platform, said: "Two year fixes are the product of choice for consumers at the moment.

"But within a couple of years, it means potentially going through a remortgage process, incurring more fees, while there is only one direction interest rates could move in that time.

"We believe this new four year product is an excellent choice for intermediaries to recommend to their clients seeking the reassurance that comes from fixed monthly payments."

Platform has also reduced the minimum loan size on its two year tracker mortgage to £150k from £200k.  It offers an initial pay rate of 2.44 per cent (BoE base rate +1.94 per cent).