Platform reduces buy-to-let mortgage rates

Platform has cut selected buy-to-let rates by up to 0.1%, while also announcing plans to scrap from next week restrictions on landlords letting to tenants in receipt of housing benefit.

Two-year fixed rates offered by the intermediary mortgage brand of The Co-operative Bank now start from 1.79%, two-year tracker rates start at 1.74%, while three- and five-year rates are available from 2.09%.

All terms are available at up to 75% loan-to-value (LTV) with a range of fee paying or fee free options.

As far as the announced changes to remove restrictions on landlords letting to tenants in receipt of housing benefit is concerned, this will come into play from the start of next week.

Neil Wyatt, head of intermediary distribution at the Co-operative, commented: “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.”

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