View more on these topics

Platform unveils credit-fixing range

Platform has launched of a range of sub-prime, two-year fixed rates designed for borrowers who have had credit difficulties in the past.

The rates are lower that standard products by up to 0.50% to make it easier for borrowers to budget and repair their credit histories.

The fixed rates are available across Platform’s sub-prime 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% is added to the loan.

Paul Hunt, head of marketing at Platform, says: “Having over eight years’ experience in the sub-prime market we understand 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 products meet both these needs and offer brokers an alternative option in the sub-prime market.

“We have decided not to raise our two and three-year sub-prime fixed rates. In recent weeks, we have seen the cost of funding increase due to rising swap rates and we decided to bear this cost in order to keep our sub- prime two and three-year fixed rates competitive.”

Recommended

Was Brown’s pre-Budget statement helpful or not?

Chancellor Gordon Brown last week made his pre- Budget statement. While most of the announcements had been leaked in the weekend press in the run-up to it on Monday, there were a few shocks such as the removal of residential properties from the changes to self-invested pension plans, set to come into effect in April […]

Brokers are well placed to restore confidence in PPI

From Simon Burgess The time is right for mortgage brokers to tap into the public discontent over the sale of payment protection insurance and at long last take their share of this market. They may even be able to change consumer perceptions and promote the fact they have a choice. Brokers are well placed to […]

MMD condemns governments SIPP u-turn

My Mortgage Direct has condemned the government for taking away a much-needed savings vehicle by excluding residential property from the SIPPs rules.The chancellors U-turn in this weeks pre-budget report should not have come as a complete surprise, says Cath Hearnden, director of MMD. Hearnden says: We have always been slightly nervous of this scheme, simply […]

Speed counts in IT and in business

Rapid development and deployment of IT solutions is important, especially when starting out in today’s mortgage market, and Home of Choice provides a good example, says Frank Eve

Newsletter

News and expert analysis straight to your inbox

Sign up