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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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