Platform launches 7 year fixed rate mortgage deal

Platform today (28 June) reinforced its growing reputation as an innovative mortgage provider with the launch of a new 7 year fixed deal.

The Co-operative Bank's dedicated intermediary mortgage lender has introduced a range of new mortgage deals spearheaded with several long term offers.  It is aiming to exploit falling rates with increasing consumer appetite for longer term deals.

All the deals come with free valuation, while free standard legal fees are available for remortgages.  They can be used for purchases and remortgages and have an administration fee of £140.

Lee Gladwell, Business Development Director at Platform, said: "Fixed mortgages have picked up significantly in recent months as rates have become more competitive with tracker products.  However, these historically low long term rates maybe never to be seen again.
 
"While many commentators are predicting little movement in interest rates short-term, there's only one direction they can move in the long-term.

"We therefore believe these are great products for brokers to recommend to those clients that would benefit from the additional security provided from a longer term fix."

This latest move follows a number of innovative product launches from Platform.  These include the first mortgage just for couples after its underwriting analysis showed joint mortgages generally perform better than single applicants.  And a four year product to help prevent borrowers from taking a shorter-term deal and then paying fees to secure another product.

Gladwell adds: "The new 7 year deal has been launched as we believe a gap exists in the market between 5 and 10 years.  We're keen to see how the market reacts.

"Now that long term fixes have followed trackers and short term fixed products we believe intermediaries have an even better opportunity to demonstrate the benefits of their advice by helping consumers choose the most suitable product."

Martyn Smith, Head of Mortgage Products, at L&G said "With one MPC member voting for a rate increase at June's meeting, the launch of these products from Platform seem very well timed. Whilst there is no suggestion that interest rates will actually increase anytime soon, it is a clear reminder that they only have one way to go. These new longer term rates have been priced very sensibly by Platform and will allow intermediaries to offer their customers yet more choice."

Dev Malle, Sales and Marketing Director at Personal Touch FS said "Platform energised the market with the introduction of their 4 year fixed range. The 7 and 10 year range allows the intermediary to not only give sound advice when rates at a historic low but build a long term relationship with their client. The fact that these are exclusive intermediary products demonstrates the importance of Platform as a lender in the intermediary market. I am delighted that PTFS can offer these products to their members and early feedback has been excellent."