The product is exclusively available through its members.
The PMPA three-year tracker product is available on Platform’s entire core non-conforming range with the exception of right-to-buy. The range includes full status mortgages to a maximum 95 per cent loan-to-value and self-certification mortgages to a maximum 90 per cent loan-to-value. The PMPA/Platform product tracks LIBOR at rates that are 0.35 per cent less than Platform’s core product range.
The PMPA/Platform three-year tracker is currently available at rates from 5.02 per cent. Early repayment charges of 6 per cent/6 per cent/6 per cent apply if the loan is redeemed within three years of completion, with one month’s notice or 1 per cent payable thereafter. There is an arrangement fee of 1.5 per cent that can be added to the loan over and above the LTV up to 100 per cent.
Paul Hunt, Platform's head of marketing, said: "We are delighted to make this extremely competitive product available exclusively via PMPA member packagers. We recognise that the distribution strength of PMPA delivers high volume and good quality business, hence the launch of this new product. We look forward to working closely with PMPA in the coming months to ensure our product offering remains as competitive as possible."
Jon O Brien, operation director of the PMPA, said: “PMPA is dedicated to forging strong lender relationships and providing market leading products for the benefit of its members, their brokers and the end customers. The new Platform tracker product is among the best we have on offer at the moment. It offers an excellent alternative to fixed rates which are now rising, and we are confident that demand for it will be strong.”
