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Platform caps interest-only at 75% LTV

Platform is capping interest-only loans at 75% LTV and to a maximum value of £500,000 from December 13.

It has also increased the minimum age for a buy-to-let mortgage from 18 to 25 and raised the minimum income from £15,000 a year to £20,000.

The lender says it is about narrowing the area of the market it wants to lend to.

A spokesman for Platform, says: “Platform is committed to supporting brokers in the buy-to-let market as it is with the mainstream market.

“We have a wealth of experience and expertise in buy-to-let lending and we’re very clear about the area of the market that we want to focus on. This is reflected in our criteria.

The changes to interest-only follow the Royal Bank of Scotland and Coventry Building Society stopping interest-only for first-time buyers, Lloyds Banking Group capping deals at £500,000 and Northern Rock capping mortgages at 75% LTV.

 

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