Platform Three-Year Buy-to-Let Tracker mortgage launched

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www.moneynews.co.uk > Platform Three-Year Buy-to-Let Tracker mortgage launched

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Platform Three-Year Buy-to-Let Tracker mortgage launched

A Platform Three-Year Buy-to-Let Tracker mortgage has been unveiled today, available at up to 85 per cent loan-to-value (LTV) at 0.28 per cent above the Bank of England base rate.

The offer therefore has a current rate of 4.78 per cent and does not have any early repayment charge overhang.

Any amount of the overall loan redeemed in the first three years of the offer, however, will be subject to a charge of five per cent of the sum repaid.

This offer has a maximum loan level of £500,000 at 85 per cent LTV or £1 million at 75 per cent LTV and offers maximum overall lending of £3 million on no more than 25 properties.

Paul Hunt, head of marketing for Platform, said: "This new tracker product allows us to offer a pay rate of less than five per cent which would mean that on a £100,000 mortgage, for example, the buy-to-let borrower would only need a monthly rental income of £500."

The Platform Three-Year Buy-to-Let Tracker mortgage does not have any higher lending charges, but includes an arrangement fee of 1.5 per cent which can be added to the loan amount.