Platform launches range of fixed rates

Ramesh Sharma

June 1, 2004

The lender has launched the rates to follow up its previous range in July which coincided with the launch of its online decision facility ‘Clickdecision’. Over this time Platform says it has doubled new business volumes and received over 40,000 decisions online of which 80 per cent have been approved.

Rates across the range have been reduced by up to 0.26 per cent, including a three-year fixed buy-to-let at 5.10 per cent and 75 per cent LTV, a two-year fixed self-cert at 5.19 per cent and 75 per cent LTV and an almost prime non-conforming two-year fixed at 5.95 per cent.

The new two-year self-cert product is at 4.95 per cent available to 85 per cent LTV with no ERC overhang. An arrangement fee of 0.75 per cent is applicable and ERCs are payable up to 6 per cent to 1 March 2008.

Guy Batchelor, sales and marketing director, said: “Our challenge is to maintain our position as one of the top specialist lenders and this range of fixed rates will ensure we do so in the buy-to-let, self-certification and non-conforming markets.”

David Hollingworth, mortgage specialist at London & Country, said: “The rate and LTV put this product right in the mix. No overhanging penalties is good, but really a given these days.

“You have to factor in the 0.75 per cent arrangement fee which is quite high and, depending on the client’s circumstances, there may be better deals in what is a very competitive market.”

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