Platform relaxes BTL stress tests for remortgagors

landlord, BTL, words

Platform has loosened some buy-to-let remortgage stress tests from 145 per cent to a minimum of 128 per cent of rental cover.

The intermediary arm of the Co-operative Bank will keep applying a notional interest rate of 5.5 per cent.

The move will help landlords who took out mortgages before new PRA affordability rules came into effect in January 2017.

The lender will let this group access pound-for-pound remortgages without any extra capital raising.

Other buy-to-let applications will continue to be stressed at 145 per cent at 5.5 per cent.

The Co-operative Bank and Platform head of mortgages and insurance Paul Norcott says: “We have been closely following developments in the buy-to-let market since the new PRA guidelines were published, and we know that buy-to-let remortgaging has been more difficult for some landlords since the market adopted those guidelines.”


Recommended

House-Keys-Mortgage-Estate-Agent-700.jpg

Platform stops lending to portfolio landlords

Platform has stopped lending to portfolio landlords in advance of the PRA tightening underwriting rules for the class. The Co-operative Bank’s intermediary arm made the criteria change earlier this week. A Platform statement says: “From 28 August we will not lend to individuals who own/will own more than 3 BTL properties (mortgaged or not), including […]

Home-House-Monopoly-Money-Property-700x450.jpg

Platform reduces rates on select BTL deals

Platform, The Co-operative Bank’s brand for intermediaries, has reduced select fixed rate buy-to-let mortgage interest rates by up to 0.25 percentage points. BTL products now include: · Two year fixed rate BTL mortgages from 1.34 per cent; · Three year fixed rate BTL mortgages from 2.04 per cent; · Five year fixed rate BTL mortgages from […]

House-Home-Property-Ladder-Mortgage-700x450.jpg

Platform increases maximum LTI ratio to 4.85

Platform is now allowing some customers to borrow up to 4.85 times income, up from its previous flat rate of 4.49. The Co-operative Bank’s intermediary arm will lend more to applicants where LTV is less than or equal to 80 per cent including any fees added to the  loan, subject to minimum disposable income. The […]

Home-House-Money-Property-700x450.jpg

Platform drops £90 admin fee on all mortgages

Platform, The Co-operative Bank’s intermediary lending arm, is removing its £90 administration fee across its whole mortgage range. Platform is also making £250 cashback available on all fixed rate mainstream mortgages. Platform head of mortgages Paul Norcott says: “It is a competitive market right now and we want to ensure that we’re offering our brokers […]

Newsletter

News and expert analysis straight to your inbox

Sign up