Platform lowers income coverage ratio to 128% at 5.5%

Ryan Bembridge

October 31, 2017

Platform has started assessing buy-to-let remortgage applications at 128% against an interest rate of 5.5%

Buy-to-let mortgage applications that do not meet these criteria will still be assessed using a minimum of 145% rental cover at 5.5%.

Paul Norcott, head of mortgages and insurance at the Co-operative Bank, said: “We have been closely following developments in the buy-to-let market since the new PRA guidelines were published, and we know that buy-to-let remortgaging has been more difficult for some landlords since the market adopted those guidelines.

“These changes to our buy-to-let criteria demonstrate that, whilst we remain extremely committed to responsible lending, we also want to take a common sense approach that supports landlords looking for a straightforward like-for-like remortgage.”

Platform is the mortgage brand of The Co-operative Bank.

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