Platform launches buy-to-let and self-cert products

Platform, the intermediary lender of Britannia, has launched a buy-to-let three year tracker and self-cert two year tracker.

The two products, which offer a 0.20% reduction from Platforms core rates, are available up to 90% LTV to the following of Platforms corporate partners: Home of Choice, Legal & General Mortgage Club, Mortgage Intelligence, Openwork, Personal Touch, Pink Home Loans, Premier Mortgage Service and Sesame.

Even following the recent increase in Bank of England Base Rate, many industry analysts are predicting further interest rate rises over the coming months and this has been further evidenced by the cost of fixed rate money rising recently.

As lenders will undoubtedly reprice their fixed rates upwards over the coming weeks, Platform says these new products offer buy-to-let and self-cert customers a viable alternative to the fixed rates currently available.

As well as benefiting from a 0.20% rate reduction off Platforms core rates, customers also benefit from free valuation on both products.

The prime buy-to-let three year tracker is available up to 90% LTV and has an arrangement fee of 599.

The ERC is 5% of the amount redeemed in the first three years, there is no higher lending charge, free valuation and rental calculation based on initial pay rate.

??? maximum loan is 300,000 at 90% LTV, 500,000 at 85% LTV or 1m at 75% LTV.
The prime self-cert two year tracker is available up to 90% LTV with an arrangement fee of 599.

It is available for Income multiples up to 75% LTV 4.75 + 1 or 4 x joint, or income multiples up to 90% LTV 4.5 + 1or 3.5 x joint.

The ERC is of the amount redeemed in the first two years, there is no higher lending charge, free valuation and the maximum Loan is 400,000 at 90% LTV, 500,000 at 85% LTV or 1m at 75% LTV.

Paul Hunt, head of marketing at Platform, says: After thorough research of the market, it was clear that buy-to-let and self-cert tracker products rather than fixed rate offerings would be far more attractive in the current market environment.

With the cost of two and three year fixed rate money now over 5.50%, the time may now be right for bank base rate tracker products to take a larger proportion of the market, as fixed rates start to increase.