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 the application security.
“This decision follows the PRA supervisory statement SS13/16 in relation to underwriting standards for portfolio landlords.”
Earlier today the Co-op reduced rates on select mortgage products, with all 90 per cent LTV fixed deals reduced by 0.25 per cent.
The lender says the reductions will “result in some of the lowest rates available on the market.”