Mortgage News
Platform ring-fences £600m for buy to let in 2012
Platform has committed to increase its buy-to-let lending by a third in 2012, ring-fencing a minimum of £600m of funding for the sector.
The specialist lender has actively sought to increase its presence in the buy-to-let sector over the last 12 months, with lending of £450m in 2011.
Platform said the buy-to-let products it developed last year, including cashback mortgages and a range with no early redemption fees, now account for a “significant proportion” of its new lending and it will launch further products this year.
Lee Gladwell, business development director at Platform (pictured), said: “Our commitment to lend a minimum of £600m in buy-to-let loans in 2012 reaffirms our commitment to the sector.
“Platform has many years’ experience in buy to let and we aim to be a preferred lender for this sector in future by continuing to provide a wide and innovative product range and great service support.”
He added: “Uncertainty around the economy, employment and house prices is continuing to fuel demand for the rental market and creating opportunities for landlords and brokers.
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“We recognised the growing demand for buy to let during 2010 and we have supported intermediaries with a growing suite of products over the past year.”