Platform Slashes Rates on Buy to Let Mortgages

The mortgage arm of the Co-operative Bank, Platform, announced a cut in buy to let mortgage interest rates on Friday, February, 17th.

Now, the lender's 2-year fixed buy to let mortgage is available at 0.2% lower than earlier; the reduction applies to both, Standard and Premium buy to let packages.

The deals are available for landlords with 25-40% and 35-40% deposits for Standard and premium packages respectively. The mortgage interest rates vary accordingly from 3.69%-5.69% to 3.79%-4.29%.

Commenting on the reduction in rates, Nick Allen of Platform, said: "Buy to let lending continues to remain buoyant with demand for rental properties remaining high." He also highlighted that this move comes along with the bank's commitment to increase its lending in the buy to let market in 2012.

"Platform is committed to supporting intermediaries and hope that the reduction in rates on our 2 year fixed rate products will enable them to offer a comprehensive range of competitive products to their clients," he said.