The change, which intends to make lending criteria more ‘competitive’, will see the maximum amount for 70% LTV deals increased to £1.5bn, to £1bn for loans up to 75%, £750,000 for 85% LTV loans and £500,000 for deals up to 90% LTV.
Stuart Beattie, head of mortgages at Platform (pictured), said: “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.”
At the same time, the lender has cut rates on its residential and buy-to-let products. Its refreshed residential range includes a mixture of fee and fee-free mortgage options as well as the introduction of a 2.29% two-year fix at 85% LTV.
Rate reductions on its buy-to-let range include a five-year fixed rate now at 3.04% and a two-year tracker rate at 1.89%, both at 60% LTV and with a £1,999 arrangement fee.
