Platform cuts buy-to-let rates amid DSS lending changes

Platform, the intermediary mortgage brand of The Co-operative Bank, has reduced selected buy-to-let rates by up to 0.10 percentage points.

Related topics:  Mortgages
Rozi Jones
10th May 2019
Co-op Co-operative co op cooperative
"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."

Two-year fixed rates now start from 1.79%, two-year tracker rates start at 1.74%, and three and five-year rates are available from 2.09%.

All terms are available up to 75% LTV with a range of fee paying or fee free options.

Platform has also announced that changes to remove restrictions on landlords letting to tenants in receipt of housing benefit will be completed by the 19th of May.

The change to remove the restrictive letting condition will be replicated across all lending brands of The Co-operative Bank.

Neil Wyatt, head of intermediary distribution at the Co-operative, said: “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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