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Platform relaunches residential and BTL mortgage ranges and cuts rates

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  • 19/06/2020
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Platform relaunches residential and BTL mortgage ranges and cuts rates
Platform is re-introducing much of its residential and buy-to-let (BTL) mortgage ranges for purchases and remortgage, including its full fixed rate Help to Buy product list.

 

The changes, which include the return of new business in Scotland and Wales as restrictions are eased, will go live on 22 June.

Residential borrowers in England will have a maximum loan to value (LTV) of 85 per cent, with those in Scotland and Wales eligible for 75 per cent LTV for purchases and up to 80 per cent LTV for remortgages.

The lender is also cutting many interest rates with all residential fixed rate deals cut by up to 0.2 per cent.

Products available include a 1.17 per cent two-year fix at 60 per cent LTV, a 1.54 per cent five-year fix at 75 per cent LTV, and a 1.44 per cent two-year fix at 80 per cent LTV – all with a £999 fee and £250 cashback available.

 

Buy to let

On buy-to-let lending, standard buy to let fixed rates at up to 75 per cent LTV have been re-introduced for purchase and remortgage in England.

In Scotland and Wales the maximum LTV for purchase and remortgage remains 60 per cent LTV.

Existing products will be removed from sourcing at 5pm on 20 June with all applications needing to be submitted by this time.

The new product range will be available from 22 June.

 

Help to Buy important

Platform’s head of intermediary business, Fred Sharp, said: “We are continuing to support our broker partners find the right products and best value deals for their clients as they start to get their aspirations of owning a home back on track.

“Help to Buy is an important part of our product range and we’re glad to have this available from Monday as well as increasing our available mortgages up to 85 per cent LTV for those looking to purchase a house in England.”

Head of retail lending, Carolyne Gregory added: “The changes announced today show we are almost back to offering our full range of products and with an across the board reduction to our fixed rate mortgages for house purchases, we are very much open for business.

“We are continuing to monitor the wider market to ensure our remortgage and product switch options remain competitive as we understand that finding the right deal can make a big difference to households navigating a challenging economic landscape.

“We will support our mortgage customers to find the right mortgage option for their circumstances and their financial situation.”

 

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