The Co-operative Bank/Platform mortgage customer ratings
Co-operative Bank-branded mortgages are no longer available to new customers, although some people are on pre-existing Co-op deals. New customers can get mortgages via The Co-operative Bank's ‘Platform’ brand, which you can only apply to via a mortgage broker.
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, from 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 2018 Which? survey of 3,560 members of the general public, in which 58 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 July 2018, there were 79 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 June and July 2018. They compiled a total of 108 ‘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 14, while Platform featured 15 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 1.91% in July, compared to the industry average of 2.81%.
Tracker mortgages from Platform had a collar - a minimum interest rate. This means that even if the base rate falls below this minimum rate, your interest won’t.
The collar on all of Platform’s tracker mortgages in July was the same as the initial interest rate, meaning 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?
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 £500,000 | 90% |
| £500,001 - £750,000 | 85% |
| £750,001 - £1,000,000 | 80% |
| £1,000,001 - £2,000,000 | 75% |
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 value, you could borrow up to 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.
The 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.
When considering whether to give you a buy-to-let mortgage, Platform will look at the income you'll get from rent, rather than your income from employment.
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 they'll class you as a portfolio landlord.
What Platform’s mortgage customers say
Correct as of date of publication.
