12 November 2007
Platform amends lending criteria
In response to market conditions Platform, the
intermediary lender of Britannia, has today announced a number of
criteria changes to its product offering, reaffirming its
commitment to prudent lending.
Examples of criteria changes include:
Conforming Self Certification products reduced to 85% LTV (from
90% LTV)
Conforming Buy to Let products reduced to 85% LTV (from 90%
LTV)
Rental calculation for Buy to Let products increased to 125% (from
110%)
Non conforming Self Certification products (Employed and Self
Employed) reduced to 85% LTV (from 90% LTV)
Non Conforming Heavy Adverse products reduced to 75% for status and
Self Certification (from 85% LTV)
Non Conforming Buy to Let products reduced to 75% LTV (from 85%
LTV)
New Build flats and houses reduced to 75% LTV (from 80% LTV and 85%
LTV respectively)
Removal of Sub Prime to Sub Prime refinance (previously allowed
from Almost Prime to Light Adverse)
David Tweedy, Managing Director, Platform said: “The decision to
introduce these criteria changes has come as a result of ongoing
developments in the market. These changes reflect Platform’s
prudent lending approach and are indicative of the current economic
climate. Platform remains unequivocally committed to the
residential intermediary mortgage market and we will continue to
draw upon our ten years of operational experience within the
specialist sector and the backing of our parent Britannia to
further develop our offering in the coming months.”
Whilst these changes come into effect immediately, Platform’s
customers have been fully informed and notified of application
submission deadlines.
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