Platform increases BTL rates

Platform increases BTL rates

Co-op Bank’s intermediary lender Platform has increased its range of fixed-rate mortgages. It includes a two-year fix with rates starting at 1.29 per cent with a £1,499 arrangement fee.

Key features:

Rate starts at 1.29 per cent on two-year fix

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Arrangement fee of £1,499

Three and five-year fixes reduced by up to 0.10 per cent

Rates have also been cut by up to 0.1 per cent on selected three and five-year fixes

However, buy-to-let rates have been revised, with increases of up to 0.10 per cent on selected products – just a few months after the lender said it was reducing BTL rates by up to 2.5 per cent.

Stuart Beattie, head of mortgages at Platform, said: “Supporting brokers is a priority for Platform so we are pleased to again be in a position to improve our range of fixed-rate mainstream mortgages for intermediaries.

“Our rates continue to be among the lowest we have offered. With rates at current levels, it is understandable that consumers would turn to brokers for help on whether it is a good time for them to fix.”

Adviser view:

Mike Richards, director of London-based Mortgage Concepts, said: “I have not noticed any other lender putting up buy-to-let rates across the market. That said, Platform has been offering some very competitive rates in recent months, and perhaps it had too much interest in its products.”