14 February 2005

Platform announces major product launch

Platform, the intermediary lender of Britannia Building Society, announces the biggest range of enhancements to its product range since launching in February 2003. This includes, for the first time on Non Conforming Products, no overhanging early repayment charges on new 3 Year LIBOR Trackers & 3 Year Fixed Rates. A new range of products and lower rates on Self-Certification, Buy to Let, plus the option of a £500 Cashback on selected products.

Platform has made these changes to ensure the products are highly competitive without reducing the level of introducer fees, which will remain at current levels, for example, the lender remits a 1% fee across the entire non-conforming range.

With remortgages now making up over 50% of all new loans, Platform has seen an increased demand for Cashbacks. In response, the lender has launched an option across the range to opt for a £500 Cashback, which can be used to offset any fees that borrowers may incur such as valuation or legal.

KEY CHANGES TO PRODUCT RANGE:

Non-conforming

New 3 year LIBOR tracker range from LIBOR +1.5%
New 3 year fixed range from 6.49%
No overhanging early repayment charges
£500 Cashback options available
Available on Light Adverse, Medium Adverse, Fast-Track and Right to Buy

Buy to Let (all up to 85% LTV)

2 year tracker, BBR +0.85%, BBR +1.10% with £500 Cashback
3 year tracker, BBR +0.74%, BBR +0.95% with £500 Cashback
5 year tracker, BBR + 0.90%, BBR + 0.99% with £500 cashback

Full Term Tracker, BBR + 0.99%, BBR + 1.15% with £500 cashback

2 year fixed, 5.59%, 5.89% with £500 cashback
3 year fixed, 5.75%, 5.95% with £500 cashback
5 year fixed, 5.49%, 5.69% with £500 cashback

Self-certification (all up to 85% LTV)

1 year tracker, BBR + 0.80%, BBR + 1.10% with £500 cashback
2 year tracker, BBR +0.89%, BBR +1.14% with £500 cashback
3 year tracker, BBR +0.84%, BBR +0.99% with £500 cashback
5 year tracker, BBR + 0.84%, BBR + 0.99% with £500 cashback
2 year fixed, 5.69%, 5.95% with £500 cashback
3 year fixed, 5.79%, 5.99% with £500 cashback
5 year fixed, 5.85%, 5.99% with £500 cashback

Guy Batchelor, Sales & Marketing Director comments:

“We have been waiting for our main bench marked competitors to reveal their new ranges before finalising Platforms’ new products. I wanted to be sure that we had an extremely competitive range for our Intermediaries to recommend to their customers, whilst ensuring the level of fee paid to them was not eroded.

“ Our new range has been designed to be market leading, early feedback from intermediaries is that the Non Conforming 3 Year Tracker and Fixed Rates are the highlight of the new range as these are the first products we have offered with no early repayment charge overhang, a £500 Cashback option is available and we pay a full 1% fee!”

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