The dedicated intermediary mortgage provider has unveiled an innovative 2-year fixed product with rates from 3.19% to selected intermediaries to test the market’s appetite for specific risk adjusted deals.
Platform’s underwriting analysis has shown that joint mortgages generally perform better than single applicants and this has been reflected in the pricing of its first joint applicant mortgage.
The rates for of the new product are:
· Up to 70% - 3.19%
· Up to 75% - 3.49%
· Up to 80% - 4.49%
The offer is available for purchases and remortgages and provides free valuation, while standard legal fees are paid on remortgages.
It comes with an arrangement fee of £1495 which can be added to the loan, and a non refundable £140 admin cost.
Lee Gladwell, business development director at Platform, said: “Platform’s analysis of its business has shown that mortgages for joint applicants have performed better than those in single names.
"We believe there is a strong argument for lenders to reflect their actual experience into pricing so that lower risk applicants benefit from lower rates.
"Platform is therefore offering a new product to joint borrowers at more favourable rates, to test demand for this approach."
Although the mortgage is for joint applications there is no requirement for both applicants to be working.
