- New base rate tracker & fixed rates launched -
The decision to not only reverse, but to improve the products offered before last year’s increases, has been taken to ramp up business levels and increase market share. The changes made by Platform in 2004 were designed to contain the flow of Self-Certification business. Business levels were managed successfully within service levels and achieving lending targets. The new range of products has reduced rates by up to 0.31% plus a £500 Cashback rate option has been introduced.
Guy Batchelor, Sales & Marketing Director at Platform said:-
“Last year, as several lenders withdrew from the Self-Certification market, we increased our rates by 0.25% to control the flow of new business. We are now aggressively re-entering the Self-Certification market with a combination of fixed and variable rates.
“Our new products not only offer some of the most competitive rates in the market, for example a 2 year tracker at BBR + 0.89% to 85% LTV with no ERC overhang, but also we have the additional choice of £500 Cashback products. Over the course of 2005, we will be further reviewing our Self-Certification products and criteria and will also be launching an online Decision in Principle facility in the summer, all of which will further enhance our status in this market.”
Fixed Rates Base Rate Trackers
1 Year - BBR + 0.80% (5.55%)
2 Years - 5.69% 2 Years - BBR + 0.89% (5.64%)
3 Years - 5.79% 3 Years - BBR + 0.84% (5.59%)
5 Years - 5.85% 5 Years - BBR + 0.84% (5.59%)
Rates also available on all of the above types of product with a £500 Cashback option.
Self-Certification rates quoted are correct at the time of release (10th March 2005).
