2 February 2004
Platform goes for growth in 2004
Platform, the ‘one-stop’ intermediary lender of
Britannia Building Society, is set to take an aggressive stance in
the mortgage market in 2004 following its successful relaunch in
February 2003. New business completions for 2003 were up 250% on
2002 and Platform aims to further increase lending volumes in 2004
by relaunching its ‘One Stop’ product range.
Platform has added more products, introduced a BONUS DISCOUNT
scheme on non conforming loans and widened criteria on remortgages
across the whole range. According to new figures released by the
Council of Mortgage Lenders, the record growth in new mortgage
lending has been mainly due to the rapid rise in remortgages.
Therefore, in a major change to its criteria, Platform will now
accept unlimited capital raising for any purpose up to the LTV
scheme limits across its entire range (Prime, Buy to Let,
Self-Certification & Non-Conforming).
Platform also aims to increase its market share in the non
conforming sector by adding new products to the range and widening
availability to more customers. To complement this, the discounts
offered on non conforming products have been improved:
1. the periods offered have been converted from end dates to set
terms so a one year discount will run for one year following
completion rather than a specified end date;
2. BONUS DISCOUNT launched - all non conforming cases received
by 1 June 2004 will receive an extra 0.25% for the discount term,
giving discounts as high as 2% and rates from as low as 4%.
Guy Batchelor, Director of Sales and Marketing, Platform
commented:
“In 2003 we focused our energy on building the foundations for
Platform following the relaunch last February. In 2004 our
objective is to increase our market share and lending volumes in
the intermediary specialist mortgage market. We will do this by
offering attractive products, widening our product ranges and
continually reviewing the level of service we provide. In 2003, 65%
of our business was house purchase related. In 2004, with the
improvements made to our remortgage criteria, we expect remortgages
to account for more than 50% of new lending.”
Summary of key changes:
- Unlimited capital raising on re-mortgaging,
for any purpose, up to scheme limits, on the whole Platform
range;
- Non conforming range – new products launched
to include more customers;
- Full term non conforming discounts – discounts
now run from completion, not end dated
- New 0.25% BONUS DISCOUNT – an extra discount
on non conforming discounts for the whole term on all applications
received by 1 June.
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