The Co-operative Bank’s intermediary lender will offer its whole range of buy-to-let mortgages on a let-to-buy basis, allowing borrowers that do not want to sell their existing property to remortgage onto a buy-to-let product.
The maximum loan to value on the let-to-buy property is 75%, with a maximum loan value of £350,000. Remortgages will only be offered after Platform has seen the mortgage offer on the residential property purchase.
Let-to-buy products on offer include:
• 2 year fixed rates starting from 3.79%
• 4 year fixed rates starting from 4.59%
• 1 year tracker rates starting from 3.59%
• 2 year tracker rate starting from 2.99%
Platform has also reduced rates across its 2-year and 4-year mainstream fixed-rate products and 2-year tracker products.
The 2-year tracker rates begin from 2.29%; 2-year, fixed rates start from 3.09%; and 4-year fixed rates start from 4.09%.
Lee Gladwell, business development director at Platform, said: “Brokers have told us they want a wider range of let-to-buy products to offer to their clients.
“At present, the housing market continues to be challenging whilst the rental market is buoyant.
“We hope that by allowing our complete buy-to-let range to be offered by brokers to their clients as a let-to-buy solution, it will help them to demonstrate the importance of professional mortgage advice, whilst strengthening their business proposition.
“The reduction in rates across the mainstream range will help brokers to offer a wide range of competitively priced Platform products.”
