New business completions for 2003 were up 250% on 2002 and Platform aims to further increase lending volumes in 2004 by relaunching its 'One Stop' product range.
Platform has added more products, introduced a BONUS DISCOUNT scheme on non conforming loans and widened criteria on remortgages across the whole range. According to new figures released by the Council of Mortgage Lenders, the record growth in new mortgage lending has been mainly due to the rapid rise in remortgages. Therefore, in a major change to its criteria, Platform will now accept unlimited capital raising for any purpose up to the LTV scheme limits across its entire range (Prime, Buy to Let, Self-Certification and non conforming).
Platform also aims to increase its market share in the non conforming sector by adding new products to the range and widening availability to more customers. To complement this, the discounts offered on non conforming products have been improved:
1.the periods offered have been converted from end dates to set terms so a one year discount will run for one year following completion rather than a specified end date;
2.BONUS DISCOUNT launched - all non conforming cases received by 1 June 2004 will receive an extra 0.25% for the discount term, giving discounts as high as 2% and rates from as low as 4%.
Guy Batchelor, Director of Sales and Marketing, Platform commented: "In 2003 we focused our energy on building the foundations for Platform following the relaunch last February. In 2004 our objective is to increase our market share and lending volumes in the intermediary specialist mortgage market. We will do this by offering attractive products, widening our product ranges and continually reviewing the level of service we provide. In 2003, 65% of our business was house purchase related. In 2004, with the improvements made to our remortgage criteria, we expect remortgages to account for more than 50% of new lending."
Summary of key changes:
1.unlimited capital raising on re-mortgaging, for any purpose, up to scheme limits, on the whole Platform range;
2.non conforming range - new products launched to include more customers;
3.full term non conforming discounts - discounts now run from completion, not end dated
4. new 0.25% bonus DISCOUNT - an extra discount on non conforming discounts for the whole term on all applications received by 1 June.
www.platformhomeloans.com
