28 June 2010
Platform spearheads new product range with new 7 year
fixed
Platform today (28 June) reinforced its growing reputation as an
innovative mortgage provider with the launch of a new 7 year fixed
deals.
The Co-operative Bank's dedicated intermediary mortgage lender
has introduced a range of new mortgage deals including several long
term products. It aims to exploit falling rates with increasing
consumer appetite for longer term deals. The new products are:
| LTV |
10 year fixed |
7 year fixed |
4 year fixed |
2 year fixed |
2 year tracker |
| Up to 65% |
4.99% |
4.69% |
4.09% |
3.34% |
2.59% |
| Up to 70% |
5.09% |
4.79% |
4.19% |
3.44% |
2.69% |
| Up to 75% |
5.39% |
4.99% |
4.49% |
3.64% |
2.99% |
| Up to 80% |
5.69% |
5.29% |
4.99% |
4.74% |
4.39% |
| Arrangement fee |
£1,495 |
£1,495 |
£995 |
£995 |
£995 |
All the deals come with free valuation, while free standard
legal fees are available for remortgages. They can be used for
purchases and remortgages and have an administration fee of
£140.
Lee Gladwell, Business Development Director at Platform, said
"Fixed mortgages have picked up significantly in recent months as
rates have become more competitive with tracker mortgages. However
it's taken longer term deals more time to fall.
"While many commentators are predicting little movement in
interest rates short-term, there's only one direction they can move
in the long-term.
"We therefore believe these are great products for brokers to
recommend to those clients that would benefit from the additional
security provided from a longer term fixed."
This latest move follows a number of innovative product launches
from Platform. These include the first mortgage just for couples
after its underwriting analysis showed joint mortgages generally
perform better than single applicants. And a four year product to
help prevent borrowers from taking a shorter-term deal and then
paying fees to secure another product.
Gladwell adds: "The new 7 year deal has been launched as we
believe a ap exists in the market between 5 and 10 years. We're
keen to see how the market reacts.
"Now that long term fixes have followed trackers and short term
fixed products we believe intermediaries have an even better
opportunity to demonstrate the benefits of their advice by helping
consumers choose the most suitable product."
Back to
press releases >