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13 November 2006

Platform launches new Buy to Let and Self-Cert Trackers
- Lender predicts a move towards trackers, as fixed rates continue to rise

Platform, the intermediary lender of Britannia, is delighted to announce the launch of a new Buy to Let 3 Year Tracker and a new Self Cert 2 Year Tracker. The two new products, which offer a 0.20% reduction from Platform’s core rates, are available up to 90% LTV to the following of Platform’s corporate partners: Home of Choice, Legal & General Mortgage Club, Mortgage Intelligence, Openwork, Personal Touch, Pink Home Loans, Premier Mortgage Service (PMS) and Sesame.

Even following the recent increase in Bank of England Base Rate, many industry analysts are predicting further interest rate rises over the coming months and this has been further evidenced by the cost of fixed rate money rising recently. As lenders will undoubtedly reprice their fixed rates upwards over the coming weeks, these new products offer buy to let and self cert customers a viable alternative to the fixed rates currently available.

As well as benefiting from a 0.20% rate reduction off Platform’s core rates, customers also benefit from free valuation on both products.

Key Product Features:

Conforming Buy to Let 3 Year Tracker:

  • 0.20% rate reduction off core rates
  • Available up to 90% LTV
  • BBR +0.50% for 3 Years from completion up to 75% LTV
  • BBR +0.60% for 3 Years from completion up to 85% LTV
  • BBR + 0.85% for 3 Years from completion up to 90% LTV
  • Arrangement Fee: £599
  • ERC – 5%/5%/5% of the amount redeemed in the first 3 years
  • No higher lending charge
  • Free valuation
  • Rental calculation based on initial pay rate
  • Maximum Loan £300,000 at 90% LTV, £500,000 at 85% LTV or £1m at 75% LTV
  • Lending Limits – Maximum lending £3m and maximum 25 properties

 

Conforming Self Cert 2 Year Tracker:

  • 0.20% rate reduction off core rates
  • Available up to 90% LTV
  • BBR + 0.50% for 2 Years from completion up to 75% LTV
  • BBR + 0.60% for 2 years from completion up to 85% LTV
  • BBR + 0.75% for 2 years from completion up to 90% LTV
  • Arrangement Fee: £599
  • Income multiples up to 75% LTV 4.75 + 1 or 4 x joint
  • Income multiples up to 90% LTV 4.5 + 1or 3.5 x joint
  • ERC – 5%/5% of the amount redeemed in the first 2 years
  • No higher lending charge
  • Free valuation
  • Maximum Loan £400,000 at 90% LTV, £500,000 at 85% LTV or £1m at 75% LTV
  • All of the above products are available via Home of Choice, Legal & General Mortgage Club, Mortgage Intelligence, Openwork, Personal Touch, Pink Home Loans, Premier Mortgage Service (PMS) and Sesame.

 

Paul Hunt, Platform’s Head of Marketing said:
“After thorough research of the market, it was clear that Buy to Let and Self Cert tracker products rather than fixed rate offerings would be far more attractive in the current market environment. With the cost of 2 & 3 year fixed rate money now over 5.50%, the time may now be right for bank base rate tracker products to take a larger proportion of the market, as fixed rates start to increase.”

 

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