Platform pulls resi and tracker products
Platform has temporarily removed all residential tracker mortgages, new build, help to buy and buy-to-let mortgage products for new business.
On residential applications, the lender has capped its maximum LTV at 75% for purchase and 80% for remortgage.
A spokesperson for Platform, said: “Following the latest government advice around social distancing, our valuation partners are unable to inspect properties; this means some mortgage applications cannot progress while this type of valuation is unavailable.
“To ensure customers are only able to make applications for mortgages that can be completed during this time, we made some changes to our range to only offer mortgage products that don’t require a physical valuation to be carried out.
“This is a temporary change whilst there are no physical valuations available.
“We will continue to review our product range and ensure we’re offering as much choice to borrowers as possible while continuing to act as a responsible lender.”