Platform, The Co-operative Bank’s intermediary lender, will now offer its whole range of buy to let mortgages on a let to buy basis, allowing borrowers that do not want to sell their existing property to remortgage onto a buy to let product. Lee Gladwell, business development director at Platform, said: “Brokers have told us they […]
Platform, The Co-operative Bank’s intermediary lender, will now offer its whole range of buy to let mortgages on a let to buy basis, allowing borrowers that do not want to sell their existing property to remortgage onto a buy to let product.
Lee Gladwell, business development director at Platform, said: “Brokers have told us they want a wider range of let to buy products to offer to their clients. “At present, the housing market continues to be challenging whilst the rental market is buoyant.
“We hope that by allowing our complete buy to let range to be offered by brokers to their clients as a let to buy solution will help them to demonstrate the importance of professional mortgage advice, whilst strengthening their business proposition.”
The maximum loan to value on the let to buy property is 75 per cent, with a maximum loan value of £350,000. Remortgages will only be offered after Platform has seen the mortgage offer on the residential property purchase. Free valuation is offered for both purchase and remortgages on all buy to let products with free standard legals offered on all remortgages. Let to buy products on offer include*:
2 year fixed rates – starting from 3.79 per cent
4 year fixed rates – starting from 4.59 per cent
1 year tracker rates – starting from 3.59 per cent
2 year tracker rate – starting from 2.99 per cent
In addition, Platform has also reduced rates across its two and four year mainstream fixed rate products and 2 year tracker products, all which benefit from free valuation and legal fees for remortgages. Details are as follows:
2 year fixed rates starting from 3.09 per cent
4 year fixed rates starting from 4.09 per cent
2 year trackers starting from 2.29 per cent
All applications are subject to a £89 non-refundable administration fee. Lee Gladwell continued: “The reduction in rates across the mainstream range will help brokers to offer a wide range of competitively priced Platform products.”
