The changes include an increase of the income multiples on its product ranges at 5 times single and 3.5 times joint, in addition to increasing the loan-to-value (LTV) on its buy-to-let (BTL) products to 90 per cent. The lender has also made the decision to widen its LTV bandings.
Guy Batchelor, Platform’s sales and marketing director, said: “The market is getting tougher due to the current competition widening their product ranges and the influx of new players. This product range is the first of a number of developments that Platform will be announcing over the next six months, which are designed to maintain and enhance our standing in the specialist sector.”
‘Clickdecision’, Platform’s online decision facility, has also been adapted for the changes and further enhancements to its online facilities will be made with the addition of an online application facility in the Summer.
Platform also admitted its intentions to increase its presence in the non-conforming market and target higher risk areas. With £1.5 billion gross lending last year, the company announced plans to increase this by £400 million this year.
Andrew Forsey, director of Andrew Forsey Financial Services, said: “Revamping is a good idea. Lenders like GMAC-RFC are a big risk, but Platform just needs to keep its products competitive and its service levels up to compete.”
Batchelor added: “Our ultimate aim was to develop a range that would appeal to our wide ranging distribution, which includes packagers, as well as advisers. This year will prove to be the most significant in terms of change and we are determined Platform maintains its position at the forefront of the specialist mortgage sector.”
