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Platform enhances buy-to-let mortgage range

Date: Tue, 05 Oct 04 Analysis

Platform, the intermediary lending arm of Britannia Building Society, has announced it is to enhance its buy-to-let range with the launch of two full term tracker mortgages.

With the new products there are no redemption charges.

The rate for full term tracker 1 is the base rate plus 1.35 per cent for the life of the loan.

The rate for full term tracker 2 is the base rate plus 0.99 per cent for the life of the loan. The maximum LTV on both trackers is 85 per cent.

Additionally, Platform is reducing its rental income calculation from 130 per cent to 125 per cent.

For example, a five year tracker mortgage of £100,000 at 5.65 per cent the monthly rental income required at 130 per cent is £612. But when this is reduced to 125 per cent, the monthly rental income goes down to £588.

Platform sales & marketing director, Guy Batchelor, said: "The performance of our buy to let loans has been exceptional and as interest rates have increased over the last eighteen months, we want to be in a position where we can attract more business."

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Endsleigh Insurance Services Limited. Company No: 856706 registered in England at Shurdington Road, Cheltenham Spa, Gloucestershire GL51 4UE.