Platform launches innovative let-to-buy mortgage product
www.moneynews.co.uk > Mortgages > Platform launches innovative let-to-buy mortgage product
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Money News |
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Platform launches innovative let-to-buy mortgage product
Tue 26th Jul 2011
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The home loan allows property owners to remortgage existing homes which they may not wish to sell and use the equity on a new buy-to-let product.
Maximum rates are capped at 75 per cent loan to value and with a £350,000 maximum amount. The deal is subject to Platform seeing the mortgage offer on any future purchase.
The move came in response to increased pressure from brokers to offer greater choice to clients, according to Platform. Lee Gladwell, business development director at the company, said the let-to-buy solution will help brokers "demonstrate the importance of professional mortgage advice" to clients.
Mr Gladwell added: "At present the housing market continues to be challenging," with average house prices now at £161,823, according to the Land Registry.
Furthermore, in response to increased competition across the market, the Co-operative has reduced the rates of its standard two and four-year fixed-rate loans with the former now at 3.09 per cent and four-year rates set at 4.09 per cent.
Click here for more mortgages news
Related News : Mortgages |
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Related News : Cooperative |
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