Platform stops lending to portfolio landlords
Platform, the broker lending arm of the Co-operative Bank, has stopped offering buy-to-let mortgages to portfolio landlords.
The bank will continue to provide buy-to-let mortgages, but only to landlords with three or less investment properties. The move follows the fast-approaching Prudential Lending Authority's deadline for lenders to implement higher underwiring standards for portfolio landlords.
A statement from Platform said: “From 28 August we will not lend to individuals who own or will own more than 3 BTL properties (mortgaged or not), including the application security.
“This decision follows the PRA supervisory statement SS13/16 in relation to underwriting standards for Portfolio Landlords Product switches with no additional borrowing will not be impacted by this criteria change.”
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