Mortgage roundup: Platform unveils 1% buy-to-let and Leeds launches green mortgage



A buy-to-let priced at 1% has been unveiled by Platform, the intermediary arm of Co-operative Bank.

The product is a 2-year fix to 60% loan-to-value but comes with a high fee of £2,495.

Applicants can take out loans between £350,001 and £500,000 and borrowers need a minimum household income of £60,000 to qualify.

The product seems tailored to smaller landlords, as the maximum number of buy-to-lets they are allowed to hold is three, even if the properties don’t have a mortgage.

Landlords also need to be owner occupiers to qualify. Meanwhile iIf they are employed they need to have been in the role for six months, while as a self-employed worker they have to have been trading for two years.

Platform’s launch comes after Leeds Building Society became the latest lender to launch a green buy-to-let mortgage.

Leeds’ offering goes up to 80% LTV, with rates starting from 2.99% for two years and 3.15 for five.

To 75% LTV there are products from 1.62% for two years and 2.06% for five, while they come with £500 cashback on completion.

The green mortgages are only available on properties with an Energy Performance Certificate (EPC) rating between A and C.

Matt Bartle, director of products at Leeds Building Society, said: “We’re always looking for more ways to share our knowledge and support our borrowers as they look to reduce their environmental impact.

“By offering the society’s first green buy-to-let products and increasing the maximum LTV on our buy-to-let lending up to 80% LTV, we’re ensuring we continue to create products that widen choice and respond to the needs of borrowers.”

 

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