Platform relaxes buy to let mortgage lending criteria.
The Co-op Bank’s intermediary mortgage company, Platform, has relaxed its lending criteria for landlords seeking buy to let mortgages.
The lending criteria apply to those landlords seeking to remortgage but without taking on any additional lending. A minimum rental cover of 128% will be used with an interest rate of 5.5% in their affordability assessment.
The more standard minimum of 145% rental cover with 5.5% interest will be used to assess applications from landlords looking to remortgage for an increased amount.
The new affordability guidelines introduced by the PRA could well have made it harder for landlords who now want to remortgage. This is why coming to expert mortgage broker, Deal Direct makes so much sense when you want to maximise your investment to the fullest extent.
Please note that Deal Direct are regulated to offer independent mortgage advice; however, we are not regulated to offer general financial advice. If you want to discuss the suitability of a property as an investment, you will need to contact an independent financial adviser.
Buy to let mortgage applications from:
- applicants whose intention is to benefit from house price growth
- applicants whose intention is to benefit from rental income
- applicants who are letting to buy
will be treated as a normal buy to let and not as a consumer buy to let. In addition, their subsequent remortgage applications will also be treated in the same manner.
For the most up-to-date buy to let mortgage advice, call 0800 048 8828.
