Platform to grow buy to let lending 33% in 2012

Platform today committed to significantly increase its lending in the buy to let market by a third in 2012, further strengthening its aim to be a leading lender in the sector.

Related topics:  Mortgages
Millie Dyson
16th January 2012
Mortgages
The Co-operative Bank’s dedicated intermediary mortgage provider has ring-fenced £600m to provide funding to the sector in 2012, further cementing its commitment to intermediaries and their clients.

Throughout 2011 Platform has been building its buy to let presence and capability in response to broker feedback and continued growth in demand in this sector.

Whilst some lenders have re-entered the market recently, Platform significantly increased its lending in buy to let from the start of 2011 to £450m.

To best serve brokers, as well as increasing volumes, Platform also further developed its buy to let proposition by launching innovative new products, including the Platform 'Options' range with no early redemption fees, and 'cashback' products designed to help new landlords with initial costs.

These products now account for a significant proportion of new lending and there are plans to launch further innovative products aimed at helping buy to let investors in 2012.

Lee Gladwell, Business Development Director at Platform said:

“Our commitment to lend a minimum of £600m in buy to let loans in 2012 reaffirms our commitment to the sector.

“Platform has many years’ experience in buy to let and we aim to be a preferred lender for this sector in future by continuing to provide a wide and innovative product range and great service support.

“Uncertainty around the economy, employment and house prices is continuing to fuel demand for the rental market and creating opportunities for landlords and brokers.

 “We recognised the growing demand for buy to let during 2010 and we have supported intermediaries with a growing suite of products over the past year.”
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