The dedicated intermediary lender of The Co-operative Bank says buy to let lending now accounts for 80 per cent of all its applications.
Lee Gladwell, Business Development Director at Platform said:
“We responded to what intermediaries were telling us last year about rising demand in the rental market and took the decision to increase our support in this area during 2011.”
Throughout this year, Platform has been developing its buy to let proposition by launching some innovative new products, including the Platform 'Options' range with no early redemption fees, and 'cashback' products designed to help new landlords.
These products now account for a significant proportion of new lending.
Gladwell added:
“Our lending experience is further evidence that more investors are entering or increasing their investments in the buy to let sector.
“Growth is undoubtedly driven by some first time buyers’ inability to raise deposits, but there are other factors. Uncertainty around the economy, greater need for employment mobility, more people in further education and higher student debt are all helping to fuel demand and create opportunities for landlords.
“We believe there is an opportunity to be a leading lender to intermediaries in this market and we plan to increase our lending further during 2012.”
In response to broker demand, Platform also extended its distribution during the year by making buy to let products available to Directly Authorised brokers through selected mortgage clubs.
