Co-op to Increase By-To-Let Lending

The Co-operative Bank’s intermediary mortgage lender, Platform, has announced plans to increase its buy to let lending by 33%, to provide £600m of buy to let loans in 2012.

Platform saw strong growth in 2011, with the demand for private rented accommodation continuing to outstrip supply, and investment in the sector increasing.

“Our commitment to lend a minimum of £600m in buy-to-let loans in 2012 reaffirms our commitment to the sector,” said Lee Gladwell, business development director at Platform.

The Co-op wants to increase its banking business to around 3 times the current size, purchasing 632 branches from Lloyds Banking Group.  Platform will represent just a small element of the Co-op’s overall banking operations.

As a self-proclaimed ethical lender, it is no surprise that the Co-op is remaining committed to first-time buyers, with a range of products, including mortgages requiring small deposits, and a “share to buy” deal, which caters for friends or relatives who wish to jointly share a mortgage.