Platform offering super-low 1.49% buy-to-let mortgage

by Aaron Strutt

Dec 03 2016

Platform has launched an impressively low 1.49% buy-to-let two-year tracker mortgage.

At the end of the initial two-year period, the mortgage reverts to a 5% Bank of England base rate tracker. The overall cost for comparison is 5.38% APR.

The 1.49% rate has a £1,999 arrangement fee and early repayment charges for two years. Applicants will need a 40% deposit to qualify and there is £350,000 maximum loan size. Applicants will need a £25,000 to qualify.

If one applicant earns at least £60,000 each year, the maximum loan increases to £500,000 and the arrangement fee rises to £2,499. 

Aaron Strutt, product director at Trinity Financial, says: “Platform regularly offers low mortgage rates and it is the broker lending arm of The Co-operative Bank. It is worth noting the reversion rate has a 0.5% floor, and the reversion rate will not fall below 5%.  

“There is a huge amount of competition between the buy-to-let lenders and rates are still coming down. Platform’s two-year fixed rate is 0.10% more expensive.”

Mortgage lenders typically work out the maximum loan size based on rental income the property generates. If a property generates £1,500 rental income each month, the lender will offer up to £225,719.

For help to secure a buy-to-let mortgage, call Trinity on 020 7016 0790.