Platform Home Loans has launched a new range of products to the sub-prime market which require no references for the employed and the self-employed, writes Rachel Williams.
The Fast Track range is available to borrowers who are unable to provide the references usually required by traditional lenders, and because no employer’s reference is required, the lender will be able to offer a faster service.
Guy Batchelor, sales and marketing director at Platform, said: “The launch of this product range strengthens our position and takes us into a sector of the specialist lending market which we have not previously catered for. As an added bonus, we are offering a choice of incentives beneficial to the borrower.”
Under the new range, borrowers can borrow up to 85% LTV and can choose between an 1% cashback payable on completion or an 1.25% discount until August 2001.
The interest rate is based on Libor and is dependent on the size of the loan. For loans up to 85%, the rate is 5.25% over Libor, for 80% loans 4.5% over and 4% over on 70% loans. For larger loans over £500,000, the rate is 4.5% over Libor with a 70% LTV. The products are available for either house purchase or remortgage up to £1m.
The lender has also improved its existing self-certification product range by increasing its maximum loan size to £750,000.