This includes, for the first time on Non Conforming Products, no overhanging early repayment charges on new 3 Year LIBOR Trackers & 3 Year Fixed Rates. A new range of products and lower rates on Self-Certification, Buy to Let, plus the option of a £500 Cashback across all products.
Platform has made these changes to ensure the products are highly competitive without reducing the level of introducer fees, which will remain at current levels, for example, the lender remits a 1% fee across the entire non-conforming range.
With remortgages now making up over 50% of all new loans, Platform has seen an increased demand for Cashbacks. In response, the lender has launched an option across the range to opt for a £500 Cashback, which can be used to offset any fees that borrowers may incur such as valuation or legal.
KEY CHANGES TO ‘ONE’ PRODUCT RANGE:
Non-conforming
Buy to Let (all up to 85% LTV)
Self-certification (all up to 85% LTV)
Guy Batchelor, Sales & Marketing Director comments:
“We have been waiting for our main bench marked competitors to reveal their new ranges before finalising Platforms’ new products. I wanted to be sure that we had an extremely competitive range for our Intermediaries to recommend to their customers, whilst ensuring the level of fee paid to them was not eroded.
“ Our new range has been designed to be market leading, early feedback from intermediaries is that the Non Conforming 3 Year Tracker and Fixed Rates are the highlight of the new range as these are the first products we have offered with no early repayment charge overhang, a £500 Cashback option is available and we pay a full 1% fee!”
