Joint mortgage launched by Platform
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A new couples mortgage is being launched by Platform today with more favourable rates than for single applicants.
The firm are offering a two year fixed rate mortgage exclusively for joint applicants, their first ever joint product.
Platform research has shown joint mortgages perform better than single applicants, leading them to fix the rates as low as 3.19% for a 70% mortgage.
It also offers 3.49% for 75% and 4.49% at 80% and is available for purchases and remortgages.
The legal fees for remortgages are free but there is an arrangement fee of £1495 and a £140 administration charge.
Lee Gladwell, business development director at Platform, says: “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.
