Knight Funding is extending its flat rate 49 application fee and no valuation fee offer by three months to September 30 on all applications for Platform products excluding prime.
Applicants would normally pay an application fee linked to the value of the property with a minimum charge of 200. The extension of Knight Fundings application fee offer coincides with Platforms extended lending criteria. Features include 90% LTV on buy-to-let products (up from 75%) and a reduction of the minimum period of trading/ employment from six months to three months in self-cert cases.
In addition, income multiples including 5 + 1 and 4 x joint have been introduced and there is now no minimum pre-emption period for remortgaging of Right to Buy properties, which previously had to be at least six months into the pre-emption period.
Frances Scanlan,chief executive of Knight Funding, says: The revised Platform product criteria are attractive and set to generate high levels of business from brokers, so we felt it would be beneficial to extend our 49 application fee offer for a further three months. We also have a Platform on-site underwriter to ensure fast offers and completions.
Richard Beardshaw, head of sales at Platform, says: We are delighted that Knight Funding has decided to extend this application fee incentive to support the launch of our enhanced product criteria. As a company that values packager distribution, we believe mutual support from and to our packager partners should help both sides of the partnership to achieve their desired growth levels.