"We’re pleased to be able to make further changes that open up our mortgage products to better enable brokers to find options for a wider range of landlord clients’ needs"
Previously, this was only available to landlords looking to secure a remortgage with no additional funding.
Platform says the adjustment supports more landlords who may have found access to buy-to-let mortgage products difficult after the PRA affordability guidelines came into effect in January 2017.
Higher rate taxpayers applying for a mortgage or remortgage when additional borrowing is required will continue to be assessed at 145% rental cover.
Paul Norcott, head of mortgages and insurance at The Co-operative Bank and Platform, said: "Having recently reviewed and changed our criteria for assessing ICR for those looking for a buy-to-let remortgage we’re pleased to be able to make further changes that open up our mortgage products to better enable brokers to find options for a wider range of landlord clients’ needs, notably including an ICR of 128% for all lower rate taxpayers looking for a buy-to-let mortgage.
“We have been closely following developments in the buy-to-let market since the new PRA guidelines were published, and we know that securing buy-to-let mortgages has been more difficult for some landlords since the market adopted those guidelines. These further changes to our buy-to-let criteria demonstrate that, whilst we remain extremely committed to responsible lending, we also want to take a common sense approach that supports a variety of landlords looking for a competitive deal for their borrowing needs."
