Platform hikes maximum loan sizes

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Platform has hiked it maximum loan sizes and has cut rates by up to 15 basis points.

Previously, the lender had a maximum loan size of £1m to 60 per cent LTV, £750,000 to 70 per cent LTV, £500,000 to 85 per cent LTV and £315,000 to 90 per cent LTV.

From today, it has a maximum loan size of £1.5m to 70 per cent LTV, £1m to 75 per cent LTV, £750,000 to 85 per cent LTV and £500,000 to 90 per cent LTV.

It has also cut its residential and buy-to-let rates by between 5 and 15 basis points.

Platform head of mortgages Stuart Beattie says: “We’ve  listened  to  feedback  from our intermediary partners  and changed our lending criteria in a way that we believe will be more  competitive  in the market. Having higher limits across all LTV bands should provide more  opportunities for our partners to find the right fit for their customers.

“By also launching some new lower rate mortgages across our residential  and buy-to-Let mortgage ranges we want to be a key lender in the intermediary market.”