The products all have 1 per cent arrangement fees, 6 per cent ERCs until 1 March 2010 (1 per cent thereafter or one month's notice) and a £150 refund of valuation fees for non-conforming products.
Product rates are as follows:
For the Almost Prime products the rate is 6.84 per cent to 75 per cent LTV for full status and self cert. Up to 85 per cent LTV the rate is 7.14 per cent for full status and 7.34 per cent for self cert cases. Up to 90 per cent LTV the rate is 8.14 per cent for full status only. All Almost Prime fixed rates revert to LIBOR +2.50 per cent.
For the Minor Adverse products, the rate is 7.04 per cent to 75 per cent LTV for full status and self cert. Up to 85 per cent LTV the rate is 7.34 per cent for full status and 7.54 per cent for self cert cases. Up to 90 per cent LTV the rate is 8.34 per cent for full status only. All Minor Adverse fixed rates revert to LIBOR +2.75 per cent.
For the Light Adverse products the rate is 7.34 per cent to 75 per cent LTV for full status and self cert. Up to 85 per cent LTV the rate is 7.64 per cent for full status and 7.84 per cent for self cert cases. Up to 90 per cent LTV, the rate is 8.64 per cent for full status only. All Light Adverse fixed rates revert to LIBOR +3.00 per cent.
Helen Hymos, PMPA’s lender relationship manager, commented: “We are delighted to be offering these competitive fixed rates exclusively via our PMPA member packager/distributors, at the time when the market is difficult for everyone.
"With a 1 per cent fee they complement the core range exclusives and on rate comparisons (which is how brokers normally initially sort) they will come up well against standard Platform rates.
Jason Berry, head of sales at Platform, said: “Our excellent ongoing relationship with PMPA has allowed us to bring these fantastic fixed offerings at highly competitive rates. Platform is able to capitalise on our ten years of operational experience within the specialist sector and the subsequent unequivocal backing of our parent Britannia.”
PMPA member packagers are: Platinum Lending, Mortgage Match Limited, Countrywide Mortgage Centre, Niche Mortgage Solutions, ATOM, BDS, Complete, Finance and Mortgage Solutions, Knight Funding, Open Door Solutions, OPM, Premier Mortgage Centre, Premier Mortgage Packagers and Primrose Mortgage Processing.
