From Monday 1 December, Platform will begin an exclusive three month ‘launch and learn’ pilot with leading broker network Thinc, with a view to a full market rollout in March 2009.
The move will provide a more comprehensive proposition to intermediaries looking for competitive mainstream products on behalf of their customers as well as allowing Platform to expand its offering at a time of continuing constraints in the specialist sector.
Britannia has an established relationship with the Thinc network while Platform has over ten years experience of the intermediary market. From December the Thinc relationship will transfer to Platform, allowing Thinc brokers and their end customers to take advantage of competitive mainstream products (as well as Platform’s specialist products). They will also benefit from Platform's award winning ‘click’ suite of online facilities which provide a fast and secure process from application through to completion and a consistent customer experience.
Platform will initially launch with a choice of 2 & 3 year fixed rate products including fee free options and a low margin proposition.
David Tweedy, Platform’s Managing Director commented: "We are delighted to enter into this working relationship with Thinc and hope to add considerable value to a relationship that Britannia has developed with the network for a number of years.
“With continuing compression in the specialist mortgage sector, a mainstream proposition through intermediaries was a natural and logical step for Platform. The launch of this pilot does not signify a move away from the specialist lending sector for Platform but demonstrates the Britannia Group's commitment to Platform and to the intermediary market. We understand that demand for these types of products remains strong, but we also recognise that we need to adapt and respond appropriately to the current, difficult market conditions. It is vital that Platform ensures it generates the right volume of business, with the right risk profile and the right pricing for the Britannia Group.
“This pilot will give us the opportunity to learn about operating in this sector and allow us to refine our proposition with a view to a full market rollout 2009. We are fully committed to listening and responding to the needs of our customers and will adapt our offering accordingly.”
Alex Murray, Group Director of Mortgages, Thinc Group “We have worked with Britannia for many years and have developed a close working relationship. These are exciting developments for us all and we are looking forward to developing our relationship with Platform in the future. We have been impressed by their state of the art systems and their professional approach and we are always looking for the next step in improving existing products and services.”
In preparation for the launch of the pilot, Platform has established a dedicated mortgage processing team with specialist knowledge of dealing with mainstream applications.
