Platform signals new fixed rate buy to let deals

Platform signals new fixed rate buy to let deals

14:37 PM, 26th November 2010, About 14 years ago

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The Co-op Bank’s buy to let lending arm, Platform Mortgages, has a new range of fixed rate deals for property investors.

The headline grabber is a two-year fixed deal at 4.59% for investors with a 40% deposit – increasing to 5.09% and 5.19% for 65% and 70% loan-to-values.

Arrangement fees are a flat rate of £1,995 on all the mortgages.

Platform has also announced a four-year fixed rate range at 4.99% at 60% loan-to-value, rising to 5.39% and 5.49% for 65% and 70% loan-to-value borrowers.

Fees for this product are 2%.

After the fixed rate period, the loans switch to Platform’s base rate plus 1%.

Santander has made public the bank’s intention to enter the buy to let market next year.

The bank will offer property investment mortgages to new landlords from early next year under the Abbey for Intermediaries banner.

Speaking to the media, the bank has indicated target customers are landlords with no more than three rental properties.

Leeds Building Society cut rates on two discounted variable rate buy to let loans for remortgages and second time landlords.

The loan weighs in at 4.29% (1.70% discount) for two years, a 65% loan-to-value, and fee of £999.

Meanwhile, the Financial Services Authority (FSA) has launched another consultation on the UK mortgage market review calling for all mortgage intermediaries to be regulated.

Currently, buy to let mortgages are considered business loans and are not regulated in the same way as residential mortgages for private borrowers.

The FSA sees the move as separating brokers from lenders so consumers know who they are dealing with.

The Council of Mortgage Lenders has already spoken out against the review as part of what the major banks and building societies see as a long-term campaign against restricting lending by tightening up controls that led to the excesses of the pre-credit crisis market.

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