Platform cuts BTL rate

Platform cuts BTL rate

Co-operative Bank’s intermediary lender Platform has cut buy-to-let rates by up to 0.25 per cent with a range of options added, including fee-free deals or cashback up to £500.

Options start from 2.39 per cent, fixed for two years, with the range available on tiers up to 60 per cent, 65 per cent, 70 per cent and 75 per cent loan-to-value. Remortgage deals come with free legal advice.

There are two, three and five-year fixes.

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Head of mortgages Stuart Beattie said: “Support for brokers and their clients has always been a priority and we remain committed to shaping our products and services based on their needs.”

Key features

2-year fixes include:

Up to 60% LTV; 2.39% (previously 2.49%) with a £1,999 fee and £500 cashback

Up to 75% LTV; 2.99% (previously 3.04%) with a £1,999 fee and £500 cashback

5-year fixes include:

Up to 60% LTV; 3.54% (previously 3.69%) with a £1,999 fee and £500 cashback

Up to 65% LTV; 3.69% (previously 3.84%) with a £1,999 fee and £500 cashback

Adviser View

Mike Richards, director of London-based Mortgage Concepts, said: “The rates are very good but fees are quite high – it is a large percentage, especially for smaller loans. The cashback option tempts you on the rate then stings on the fee. For larger loans the fees are good. The fee-free deal on remortgages is not common, so very good.”