Platform prepares to take on rivals

Platform is planning a series of initiatives in anticipation of the plethora of new entrants lined up to burst into the specialist lending market.

It has reacted by reviewing its strategy and widening and enhancing its product range.

The first initiative launches today with a revised product range including additions to lending criteria and new interest rates. Changes include in-creased income multiples, 90% LTV on buy-to-let and wider LTV bandings.

Platform says the experience it has gained after nearly 10 years in the sub-prime sector and being part of the Britannia Group gives it a significant advantage in terms of its ability to assess risk and pricing issues in this sector.

Clickdecision, Platform’s online decision facility, has been adapted to cater for the new products and criteria changes.

The lender is also planning to enhance its online facilities with the launch of an online application facility later in the summer.

Guy Batchelor, sales and marketing director at Platform, says: “The market is getting tougher due to competitors widening their product ranges and the pending influx of new players.

“Our objective was to develop a product range that would appeal to our wide ranging distribution which includes packagers, mortgage brokers and IFAs.”

• See Marketwatch