Key changes include the conforming range increasing by an average of 0.40 per cent, the non-conforming range increased by an average of one per cent, maximum loan-to-values (LTVs) lowered to 90 per cent from 95 per cent and maximum LTVs for First Time Buyers lowered to 85 per cent on all products from 95 per cent.
For new build properties, maximum LTVs have been lowered to 85 per cent for houses and to 80 per cent for flats, both were previously 95 per cent. First-time-buyers are no longer accepted on Buy-to-Let or House Plus (self certified Buy-to-Let), light and medium adverse non-conforming Buy-to-Let has been removed while on heavy adverse restrictions have been introduced on maximum CCJs and arrears limits.
David Tweedy, Platform’s managing director said: “Due to ongoing activity within the global capital markets and the subsequent general concern felt by funding providers over credit, we have decided to make adjustments to our lending criteria and pricing. As a responsible lender with ten years experience in the marketplace, we feel that a prudent approach to lending is all the more important in times of uncertainty. As an organisation that is taking a long term and committed approach to the intermediary market, we believe that Platform is in a good position to take advantage of opportunities that present themselves over the coming weeks and months to further develop our customer proposition.”
