Platform, which is part of the Co-operative Bank, has released a Buy to Let 2-year fixed rate at just 1%. This is a historically low rate of interest for unregulated lending, the product is part of their premier range which has more stringent entry requirements such as a minimum income of £60,000 for the household and a minimum loan amount of £350,000.
This means that only a small portion of landlords will be eligible for the product, however, this shouldn’t undermine what is still a really disruptive rate in the market. Buy to let rates have been on the decrease for a year or so now and it’s going to be really interesting to see what the likes of TMW and BM Solutions do with their rates.
If you’re a landlord and your mortgage product is due to expire in the next 6 months then you may well have timed it perfectly! Get in touch and we’ll get it sorted for you.