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Platform doubles mortgage lending in 2010

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Platform, the Co-operative Bank’s intermediary mortgage lending arm, doubled its mortgage lending from around £300m to £600m during 2010.

The figures were released today as part of The Co-operative’s annual results which saw the financial services business, Co-operative Financial Services, increase profits by 2.9 per cent from £124.5m to £128.1m in 2010.

CFS sales increased by 23.6 per cent from around £2bn to £2.5bn. Its core tier one capital ratio was 9.6 per cent.

Platform business development director Lee Gladwell says: “These numbers show how we significantly stepped up our lending and support for intermediaries during 2010.

“Whilst the numbers represent a small proportion of the market, they confirm our growing presence in a period when many of our competitors were retrenching.”

Platform, which launched in 2009, plans to increase lending in 2011 and wants to increase its market share in the buy-to-let sector.

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