Platform Reduces its Buy to Let Rates

Platform has announced that it is reducing its rates on their 2 year fixed buy to let deals with effect this week. The lender has a range of Buy to let deals ranging from 60% loan to value (LTV) up to the 75% LTV level with the rates ranging from 3.69% – 4.69%. Platform is currently very competitive in the buy to let market place and offer some attractive deals based on interest rate and fee structure. For buy to let remortgage deals they offer a FREE valuation and FREE legal fees with the lender fees being pegged at a flat £2450 lender arrangement fee (this fee can be added to the mortgage) and an upfront £89 non refundable administration fee. For the larger buy to let deals, in excess of £100k of borrowing, Platform is showing as a top contender in comparison to its competition. Platforms fixed rate deals come with an early redemption charge of 3% in the first year and 2% in the second year and some of their other lending criteria include:

Minimum income of £25,000 which is usually checked (some buy to let lenders dont require proof of income)
They wont lend on ex local authority flats
No lending on HMOs, multi let or holiday lets
They will remortgage on a buy to let basis after 6 months of ownership (as shown on the land registry)
The maximum number of properties with this lender is 3
Who are Platform Home Loans?
Platform Home Loans are the intermediary lender of The Co Op. The Co Op also have Britannia as one of its subsidiaries and since merging in 2009 are a much bigger organisation who offer a range of financial products direct to consumer and via intermediaries such as The Mortgage Broker Ltd. The lender often offers exclusive mortgage products to select intermediaries via its select distribution channels. The Mortgage Broker Ltd are pleased to receive these exclusive deals as they offer very attractive and competitive deals that are available to its customers – both new and existing. The lender for 6 consecutive years has won “Your Mortgage Award” for the Best Intermediary Lender and has won many other awards over the past 5 years including Best Specialist Lender & Best Online Customer Relationship Initiative. If you are currently looking for a buy to let or let to buy mortgage deal, contact one of our advisers now so you can make a comparison against the other mortgage deals that are be available to you.

Published on 9 May 2020

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