Platform launches sub-prime two-year fixed 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 product rates are lower that standard products available by up to 0.50% to make it easier for borrowers to budget and repair their credit history.

The fixed rates are available across Platforms 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 intermediaries an alternative option in the sub-prime market.

“At the same time, we have also decided not to increase 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, we have therefore decided to bear this cost in order to keep our sub-prime two and three-year fixed rates extremely competitive.