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Platform cuts buy-to-let rates

Platform, the intermediary mortgage brand of The Co-operative Bank, has reduced select interest rates in its buy-to-let mortgage products by up to 0.10%.

There are 2-year fixes from 1.79%, 3-year fixes and 5-year fixes from 2.09% and 2-year tracker rates from 1.74%. All terms are available up to 75% loan-to-value (LTV) and with a range of fee paying or fee free options.

Neil Wyatt, head of intermediary distribution at the Co-operative said: “We are making changes to the interest rates offered on our buy-to-let mortgages as we look to grow the share we have of this market.

“This comes at a time when we’re also completing the changes we announced from the start of April 2019 to no longer reference conditions that restrict landlords from letting to tenants in receipt of housing benefit.

“We’ve not considered the restrictive terms since the beginning of April 2019, but the final changes to remove this wording take place on 19 May 2019.

“We’re glad to have been able to remove this terminology from our lending processes and documents to the benefit or our landlords and prospective tenants.”

Platform will also complete the final changes on May 19 in support of the move to no longer consider letting conditions that restricted landlords from letting to tenants in receipt of housing benefit.

The change to remove the restrictive letting condition will be replicated across all lending brands of The Co-operative Bank.

 

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