The PMPA member is extending its flat rate £49.00 application fee and no valuation fee by three months to 30 September on all applications for Platform products excluding prime. Applicants would normally pay an application fee linked to the value of the property with a minimum charge of £200. The extension of Knight Funding’s application fee offer coincides with Platform’s extended lending criteria. Features include a new 90 per cent top LTV on buy-to-let products (up from 75 per cent on non-conforming) and a reduction of the minimum period of trading/ employment from six months to three months in self employed/ employed self cert cases. In addition, income multiples including 5 + 1 and 4 x joint have been introduced and there is now no minimum pre-emption period for remortgaging of right-to-buy properties, which previously had to be at least six months into the pre-emption period.
Frances Scanlan, chief executive at Knight Funding, said: "The revised Platform product criteria are very attractive and set to generate high levels of business from brokers, so we felt it would be beneficial to extend our £49 application fee offer for a further three months. We also have a Platform on-site underwriter to ensure fast offers and completions."
Richard Beardshaw, head of sales at Platform, said: "We are delighted that Knight Funding has decided to extend this application fee incentive to support the launch of our enhanced product criteria. As a company that values packager distribution, we believe mutual support from and to our packager partners should help both sides of the partnership to achieve their desired growth levels."
