Platform launches new buy-to-let tracker mortgage

14-Nov-2006

Potentially suitable for first time buyers looking to invest, Platform Home Loans has announced the launch of a new buy-to-let variable-rate mortgage.

Platform's new tracker mortgage is available with a 0.2 per cent interest rate reduction from the lender's standard variable rate and is available up to a loan-to-value (LTV) of 90 per cent for repeat purchasers and first time buyers.

"After thorough research of the market, it was clear that buy-to-let ... tracker products, rather than fixed-rate offerings, would be far more attractive in the current market environment," said Paul Hunt, head of marketing at Platform Home Loans.

"With the cost of two and three-year fixed-rate [mortgages] now over 5.5 per cent, the time may now be right for … tracker products to take a larger proportion of the market," he added.

Platform's buy-to-let package carries an arrangement fee of £599 and is available on loans up to a maximum of £1 million, providing the LTV does not exceed 75 per cent.

Platform Home Loans is the intermediary division of Britannia Building Society.

To find out more about this mortgage, contact a good mortgage broker.

To find out how to get onto the property ladder by buying to let somewhere else click here.

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