Platform has pulled a range of residential and landlord products for new customers, and lifted selected mainstream and buy-to-let rates by as much as 10 basis points.
The Co-operative Bank-owned lender says it will relaunch its residential and BTL loans for product switchers only.
The firm’s changes cover:
New Business
Mainstream
- All products withdrawn
Professional Mortgage
- All products withdrawn
Buy to Let
- All products withdrawn
Help to Buy
- All products withdrawn
Product Switch
Mainstream
- Three-year fixed-rate products increased by up to 6bps
- Two-year trackers withdrawn
BTL
- Two-, three- and five-year fixed-rate products increased by up to 10bps
Help to Buy
- No changes
Yesterday, reports emerged that Aldermore is preparing to enter the race to takeover Platform’s parent firm the Co-operative Bank, which is valued at £3.5bn.
The challenger bank is working with advisers at BNP Paribas on an offer, reports Sky News, and intends to table a bid ahead of a deadline set by the Co-operative Bank early next month.
Aldermore will compete against mid-sized rival lender Shawbrook, which reportedly approached the former mutual lender about an offer last month.
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