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Platform withdraws BTL mortgages and re-introduces 90 per cent LTV deals

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  • 14/08/2020
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Platform withdraws BTL mortgages and re-introduces 90 per cent LTV deals
Platform, the mortgage lending arm of the Co-operative Bank, is temporarily withdrawing all buy-to-let mortgage products.

 

However, the lender is also reintroducing some high loan to value (LTV) deals including its 90 per cent LTV five-year fixes with £1,499 fee.

The moves are being made as part of a series of changes announced earlier this week that will go into effect on 17 August.

Further details of the changes have been confirmed today, this includes withdrawal of two-year fixed rate products with a £999 fee between 60 per cent and 85 per cent LTV.

Reciprocal five-year fixes in the range with a £999 fee are being repriced.

Platform is also re-introducing five-year fixes with zero fee at 60 per cent to 85 per cent LTV, and its five-year fix at 60 per cent LTV with £1,499 fee.

Help to Buy five-year fixed rate deals with zero and £999 fee at 60 per cent to 75 per cent LTV are also being repriced.

A Platform spokeswoman said: “We’ve taken the decision to temporarily withdraw some of our products from the market following an unprecedented demand for new mortgages.

“We are prioritising existing applications to ensure we’re able to maintain our service levels for customers. We will be aiming to re-introduce some of the products as soon as possible.”

 

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