The new range has been developed to offer borrowers, who have had credit difficulties in the past, the option of a two-year fixed rate which is priced as low as possible to make it easier for them to budget and repair their credit history.
The fixed rates are available across Platform’s Non-Conforming range from Almost Prime to Heavy Adverse (with the exception of Right-to-Buy and Buy-to-Let) and all have no early repayment charge overhang. An arrangement fee of 1.5 per cent is added to the loan.
*For full information on Platform’s complete new range of Fixed Rates, log onto www.platform.co.uk
These new fixed rates follow closely on the heels of Platform’s new, innovative house plus product, the self-cert way to buy-to-let, launched to give borrowers the opportunity of owning a second property without the need to prove their rental income.
Paul Hunt, Head of Marketing commented: “The idea for these new two-year fixed rate specials came following the tremendous success we experienced with a low buy-to-let fixed rate which had a 1.5 per cent arrangement fee. Having over eight years experience in the non-conforming market, we understand that borrowers in this sector are primarily concerned with being able to comfortably afford the mortgage repayments and repair their credit as soon as possible. These new products meet both these needs and offer intermediaries an alternative option within the non-conforming market.
"At the same time, we have also decided not to increase our two and three-year non-conforming fixed rates. In recent weeks, we have seen the cost of funding increase due to rising swap rates, we have therefore decided to bear this cost in order to keep our non-conforming 2 & 3 year fixed rates extremely competitive.”
