You are here: Home - News -

Platform ups resi rates and eases criteria for BTL mortgage prisoners

  • 31/10/2017
  • 0
Platform ups resi rates and eases criteria for BTL mortgage prisoners
Platform is reducing its rental cover requirements for buy-to-let (BTL) remortgage applications where no additional borrowing takes place.

The lender, which is part of Co-operative Bank, has also joined several lenders in increasing rates on residential mortgages.

It has increased selected two-, three- and five-year fixed rates at 60-90% loan-to-value (LTV) by up to 0.15%.

For buy-to-let remortgage applications without additional borrowing, Platform will assess cases using a minimum of 128% rental cover at a notional interest rate of 5.50%.

This is down from its usual assessment criteria of 145% rental cover at a notional interest rate of 5.50%, which will remain for all other BTL mortgage applications.


Mortgage prisoners

The lender said the arrangement “supports landlords who already had a mortgage before the new Prudential Regulation Authory (PRA) affordability guidelines came into effect in January 2017, and who are looking for a pound-for-pound remortgage without any additional capital raising”.

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

“These changes to our BTL criteria demonstrate that, while we remain extremely committed to responsible lending, we also want to take a common-sense approach that supports landlords looking for a straightforward like-for-like remortgage.”

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.


Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.


Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.


Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.

Read previous post:
Stamp Duty takings surge by £2bn ahead of Autumn Budget

Stamp duty takings jumped by almost a quarter in the three months to October compared to the same period last...