Coronavirus (COVID-19) update
If you’re a new customer and want to purchase a property, you can only borrow up to 75% of the property’s value.
Tracker, buy to let, help to buy and new build mortgages are temporarily unavailable to new customers.
- You can find out more of the latest updates and advice on our dedicated Which? coronavirus information hub.
The Co-operative Bank and Platform mortgage customer ratings
Mortgages from The Co-operative Bank are only available to new customers through Platform. Platform, which is part of The Co-operative Bank, is an intermediary mortgage lender, so it only offers mortgages via mortgage brokers.
The Co-operative Bank still offers mortgages to its existing customers who are on a standard variable rate, or coming to the end of a mortgage deal.
For this review, we've combined customer feedback on both brands, but we've only looked at Platform's deals to work out whether it's currently a market-leading lender.
The table below shows how The Co-operative and Platform performed in our latest mortgage satisfaction survey.
The survey asked mortgage customers about everything from the application process to value for money.
| Customer rating for: | Star rating |
|---|---|
| Customer service | |
| Application process | |
| Value for money | |
| Keeping you well informed | |
| Clarity of statements | |
| Transparency of charges | |
| Query and complaint handling | |
| Ability to overpay or underpay mortgage | |
| Online access | |
Star ratings based on a June 2019 Which? survey of 3,574 members of the general public, in which 87 people told us they had their mortgage with The Co-operative Bank or Platform. Where no rating is given the sample size was too small.
What kinds of mortgages does Platform offer?
When we checked in September 2019, there were around 70 mortgages available from Platform. Most of these were fixed-rate deals lasting for two, three or five years.
There was also a small number of two-year tracker deals available.
Does Platform offer the best mortgage deals?
Which? analysis has found that Platform offers more cheap mortgages than the average lender.
In order to work this out, our experts analysed thousands of mortgages over a four-week period in August 2019. They compiled a total of 208 ‘top-10 cheapest deal’ tables based on a variety of borrowing scenarios, and counted how many times each lender featured in a table.
The average number of times a lender made it into a table was 15, while Platform featured 34 times. (Data source: Moneyfacts.)
Interest rates on Platform mortgages
Mortgages for new customers are only available from The Co-operative Bank’s ‘Platform’ brand if you use a mortgage adviser.
The average interest rate of a two-year fixed-rate deal from Platform was 1.75% in September 2019, well below the industry average of 2.77%.
Tracker mortgages from Platform had a collar - a minimum interest rate. This means that even if the base rate falls below this minimum, your interest won’t.
The collar on all of Platform’s tracker mortgages in September 2019 was the same as the initial interest rate. This means that customers' interest payments may go up in line with the base rate, but they will never dip below the initial rate.
How much could I borrow from Platform?
Based on the property's value
Below we’ve outlined how much you could borrow from Platform, in relation to the percentage of the property’s value.
| Loan size | Maximum loan-to-value |
|---|---|
| Up to £350,000 | 95% (only if you're buying a property) |
| Up to £500,000 | 90% |
| £500,001 - £750,000 | 85% |
| £750,001 - £1m | 80% |
| £1,000,001 - £2m | 75% |
If you're looking for a mortgage for a new-build property, the most you could borrow for a house is 85% of the property’s value, or 80% for a flat.
Based on your income
If you’re borrowing 80% of the property’s value or less, you could borrow up to 4.85 times your income.
Alternatively, if you’re borrowing more than 80% of the property's value, you could borrow up to 4.49 times your income.
If you’re applying for a mortgage with Help to Buy, the most you could borrow is 4.49 times your income.
How can I contact The Co-operative Bank?
Existing mortgage customers can contact 08000 288 288.
Its website is co-operativebank.co.uk.
How can I contact Platform?
If you're interested in taking out a Platform mortgage, you'll need to do so via a mortgage adviser.
Existing Platform mortgage customers can call 01752 236550.
Its website is platform.co.uk.
Buy-to-let mortgages from Platform
With a buy-to-let mortgage from Platform, the most you can borrow is £500,000. If you’re looking to borrow more than £350,000, your household income must be at least £60,000.
You won’t be able to apply for a buy-to-let mortgage from Platform if you own four or more buy-to-let properties (including the one you're applying for a mortgage on), as you'll be classed as a portfolio landlord.
