PHL&#39s new range fills the void

Platform Home Loans has launched a new range of light-adverse products as the void between mainstream and sub-prime narrows even further.

Guy Batchelor, sales and marketing director, says: “Following requests from our intermediaries and further market research, we have identified a gap in the mortgage market. It is an area that can best be described as the lending zone between us and our sister company Verso.”

Platform&#39s new products are available on a full-status basis at 2.75% above three-month Libor and self-certification basis at 3% above three-month Libor. Borrowers can also benefit from a 1.5% discount offer until 1 January 2003, or a selection of one-year fixed rates starting at just 6.25%.

The light-adverse products are designed for borrowers who have only a slightly less than perfect credit history, but would still not be able to obtain a mortgage from a traditional high-street lender.

This new light-adverse range can be used for house purchase or remortgage, and is available for loans up to 85% LTV and a maximum loan of £350,000.

Applicants can choose either a 1.5% discount until 1 January 2003 or fixed rates from 6.25% until 1 January 2003. Early redemption fees are 6% in years one and two, 5% in year three, and thereafter one month&#39s notice in lieu or 1% of the amount redeemed.

Batchelor adds: “By introducing competitive rates for people who only just miss getting a loan from traditional high-street lenders, we believe it opens up a whole new market for our introducers and provides them with a more complete range of products.”