Funded by Platform, the two products – a two-year fixed rate and two-year tracker – are available at 6.19 per cent and 5.64 per cent respectively, across the almost-prime range.
The two-year fix is available across three loan-to-value (LTV) bands, up to 95 per cent, with no higher lending charge up to 90 per cent LTV. An arrangement fee of £695 exists, which can be added to the loan.
The two-year non-conforming tracker rate is available from an initial rate of 5.64 per cent. A maximum loan of £500,000 exists up to 75 per cent LTV. A £150 refund of valuation also exists.
Richard Beardshaw, head of sales at Platform, said: “The almost-prime sector is a hugely competitive area within the non-conforming market. With the launch of these two products in conjunction with MTG, we are confident that the company’s distribution will benefit hugely from the competitive attributes it will bring.”
David Hollingworth, mortgage specialist at London & Country, said: “Almost-prime is competitive and very close to the prime market. Mainstream lenders are starting to consider those with very small blemishes on their credit record.”
