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Platform on course to end restrictions for tenants on benefits and cuts rates

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  • 13/05/2019
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Platform on course to end restrictions for tenants on benefits and cuts rates
Platform, the intermediary mortgage brand of The Co-operative Bank, has cut its rates on selected buy-to-let products by up to 0.10%.

 

These changes include two-year fixed rates from 1.79% as well as three- and five-year fixed rates from 2.09%.

They also include two-year tracker rates from 1.74%.

All terms are available up to 75 per cent loan to value (LTV) and with a range of fee paying or fee-free options.

Platform will also complete changes announced at the start of April to no longer apply letting conditions that restricted landlords from letting to tenants in receipt of housing benefit.

The final changes are taking place on May 19 2019. The change to remove the restrictive letting condition will be replicated across all lending brands of The Co-operative Bank.

The announcement follows the high-profile campaign which built after Mortgage Solutions exclusively revealed the plight of landlord Helena McAleer.

Neil Wyatt, head of intermediary distribution at the Co-operative (pictured), said: “We are making changes to the interest rates offered on our BTL mortgages as we look to grow the share we have of this market.

“This comes at a time when we are also completing the changes we announced from the start of April 2019 to no longer reference conditions that restrict landlords from letting to tenants in receipt of housing benefit.

“We have not considered the restrictive terms since the beginning of April 2019, but the final changes to remove this wording take place on 19 May 2019. We are glad to have been able to remove this terminology from our lending processes and documents to the benefit or our landlords and prospective tenants.”

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