5 December 2005
Platform launches House Plus
- the lender’s first ever Self-Cert Buy to Let
product
Platform, the intermediary lender of Britannia Building
Society, today launches House Plus, a buy to let mortgage product
which uses self-certified income rather than rental income to
assess the borrower's ability to repay.
This innovative product enables borrowers to enter into the buy
to let market without the need to prove their rental income, unlike
standard buy to let products. In simple terms, the borrower is only
required to certify that their income will be sufficient to cover
both the residential and buy to let properties.
House Plus is available on 2 & 3 year Fixed
Rates with no early repayment charge overhangs and
Lifetime Tracker products with no early repayment
charge at all. House Plus is also available up to 85%
LTV with highly competitive rates starting from as low as
5.75% and with no higher lending charge.
KEY PRODUCT FEATURES
No rental calculation needed- Available up to 85% LTV
- Available on 2 & 3 year fixed rates and
Lifetime Tracker
- No higher lending charge
- Applies to one property only and not available
to First Time Buyers
- Monthly cost of the existing mortgage assumed at
7% per annum and deducted from self-certified income
- Online decisions for House Plus available on
clickdecision
Paul Hunt, Head of Marketing, Platform:
“After thorough research, it was clear that a buy-to-let product
using self-certified income rather than rental cover as an
assessment of the borrowers ability to repay would prove extremely
popular with intermediaries. In response, and following a great
deal of hard work, we’re delighted to finally bring House Plus to
the market, to meet this demand.
“With rates starting from as low as 5.75% and no higher lending
charge, the rate options available on House Plus are extremely
competitive. Coupled with our online decision facility,
clickdecision, we feel that House Plus yet again
demonstrates Platform’s commitment to delivering highly competitive
specialist mortgage products to the intermediary market.”
SUMMARY OF HOUSE PLUS RATES
2 Year Fixed until 01/03/2008
5.75% up to 75% LTV
5.85% up to 85% LTV
No ERC Overhang
3 Year Fixed until 01/03/2009
5.75% up to 75% LTV
5.85% up to 85% LTV
No ERC Overhang
Full Term Tracker with No ERC
5.79% up to 75% LTV
5.89% up to 85% LTV
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