Platform has launched a buy-to-let deal priced at just 1%, which brokers say is comfortably the lowest rate on the market for landlords.

The intermediary arm of Co-operative Bank is offering the two-year fix at 60% LTV with a £2,495 fee as part of its Premier BTL range after cutting rates on a number of products today.

Loans are available between £350,001 and £500,000 and borrowers must have a minimum household income of £60,000 to qualify.

The maximum number of buy-to-let properties that an applicant can hold is three – even if these are mortgage free.

Borrowers must be owner-occupiers and have been in their current job for six months if they are employed or if they are self-employed they must have been trading for two years.

Private Finance associate director Chris Sykes says: “A flat 1% buy-to-let rate is unheard of – the next best alternative has been rather stagnant at 1.19% for a long time now, while we have seen rates reduce in other bands of the buy-to-let market and as we all know in the residential market too.

“This is a clever product, restricted to larger loans and clients with small portfolios, it is absolutely perfect for your accidental landlord or client with a couple of buy-to-lets behind them but as an additional income source.

He believes that Platform has looked at the underwriting and staffing cost for offering multiple smaller mortgages and passed on the savings from lending a larger sum when a similar amount of work is involved.

However, he points out that Platform is still catering to landlords requiring smaller loans through its standard buy-to-let range.