Platform to allow up to 10 properties for B2L
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Platform is to widen its buy-to-let underwriting criteria at the end of this week, Mortgage Strategy understands.
While the number of properties landlords can hold with Platform remains at three, it also intends to increase the maximum number of properties that landlords can have with all lenders from five to 10.
A source says: “It is going to make its products available to a wider range of landlords and the move is likely to double the size of the market available to it.”
Mike Fitzgerald, sales director at The Emba Group, says the move will be welcomed by brokers.
He says: “If Platform can make this move it should encourage others to ease lending criteria too.”
David Whittaker, managing director of Mortgages for Business, says: “Platform recently launched more competitive rates and this move will help bring in business for the clients it wants to attract.”
Last November Platform changed its buy-to-let criteria to no longer allow applications from self-employed professional property developers and landlords. It also restricted the number of buy-to-lets individual could have with all lenders to five.
But Platform revealed at the beginning of January that it wanted to increase its intermediary mortgage lending by 30% this year, with the boost set to begin in Q1.
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