7 December 2005
Platform launches 'Special' 2 Year Non-Conforming Fixed
Rates- Rates reduced by up to 0.50% with rates starting
from 5.35% - lower rates, higher fee -
added to the loan
Platform, the intermediary lender of Britannia Building
Society, today announces the launch of a range of new
Non-Conforming 2 Year fixed rates offering borrowers rates that are
lower, by up to 0.50%, than standard products
available.
This new range has been developed to offer borrowers, who have
had credit difficulties in the past, the option of a 2 year fixed
rate which is priced as low as possible to make it easier for them
to budget and repair their credit history.
The fixed rates are available across Platform's Non-Conforming
range from Almost Prime to Heavy Adverse (with the exception of
Right to Buy and Buy to Let) and all have no early repayment charge
overhang. An arrangement fee of 1.5% is added to the loan.
KEY FEATURES:
Non-Conforming 2 Year Fixed 'Special' - Fixed until 1st
March 2008
| |
|
|
| |
|
Product Type
|
Adverse Allowed
|
Self-Cert
|
Full Status
|
|
Almost Prime
|
CCJs – 0 in last 2 Years
Arrears - 0 in last 12 months
|
5.45%
to 85% LTV
|
5.35%
to 95% LTV
|
|
Near Prime
|
CCJs - £500 (0 in last 3
months)
Arrears - 0 in last 12 months
|
5.60%
to 85% LTV
|
5.40%
to 95% LTV
|
|
Minor Adverse
|
CCJs - £1000 (0 in last 3
months)
Arrears - 1 in last 12 months (0 in last 3 months)
|
5.70%
to 85% LTV
|
5.55%
to 90% LTV
|
|
Light Adverse
|
CCJs - £2000
Arrears - 2 in last 12 months (max 1 in last 6 months)
|
5.80%
to 85% LTV
|
5.60%
to 85% LTV
|
|
Medium Adverse
|
CCJs - £7500
Arrears - 4 in last 12 months (max 1 in last 3 months)
|
6.10%
to 85% LTV
|
5.95%
to 85% LTV
|
|
Heavy Adverse
|
CCJs – Unlimited
Arrears - No reference required
|
6.25% to 75% LTV
6.75% to 85% HP
or 80% RM
|
N/A
|
|
High LTV
|
CCJs - £3000 (0 in last 3
months)
Arrears - 2 in last 12 months (0 in last 3 months)
|
6.25%
to 90% LTV Purchase only
|
6.00%
to 95% HP or 90% RM
|
|
|
Early Repayment Charge - 6% of the amount redeemed until
1/3/08
1.5% Arrangement Fee added to the loan
These new Fixed Rates follow closely on the heels of Platform's
new, innovative House Plus product, the Self-Cert way to Buy to
Let, launched to give borrowers the opportunity of owning a second
property without the need to prove their rental income.
Paul Hunt, Head of Marketing comments:
"The idea for these new 2 year fixed rate specials came following
the tremendous success we experienced with a low Buy to Let fixed
rate which had a 1.5% arrangement fee. Having over 8 years
experience in the Non-Conforming market, we understand that
borrowers in this sector are primarily concerned with being able to
comfortably afford the mortgage repayments and repair their credit
as soon as possible. These new products meet both these needs and
offer intermediaries an alternative option within the
Non-Conforming market. At the same time, we have also decided not
to increase our 2 & 3 year Non-Conforming fixed rates. In
recent weeks, we have seen the cost of funding increase due to
rising swap rates, we have therefore decided to bear this cost in
order to keep our Non-Conforming 2 & 3 year fixed rates
extremely competitive"
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