Platform, the intermediary lender of The Co-operative Bank, has announced a new range of mortgages to support its intermediary partners, which will allow existing Platform customers to complete a product switch.
This will come into effect from Monday, 3rd April.
From Monday 3rd April, intermediaries will be paid a gross 0.3% procuration fee for returning an existing mortgage customer application to Platform that subsequently completes upon maturity of their existing product. An easy process has been developed for intermediaries and their clients to follow, where a product switch can be applied for up to 90 days before product maturity. Platform customers will also have the option to apply directly to the Bank via an advised or execution only process.
They will be initially supporting applications from customers whose mortgage product matures on 31st May. If your client is already on the Platform Standard Variable Rate (SVR) or another reversionary rate, we will begin to accept applications from 1st June onwards.
Additionally, all advisors should be aware that the ERC free limit for overpayments on retention products will change to 10% of the mortgage balance each year from anniversary of product switch completion.
Previously, the limit was based on £1,000 per month. This should be made clear to your clients during the advice process.
More information can be found on our website www.platform.co.uk/intermediaries