Platform makes adjustments to core product range

Platform, the intermediary lender of Britannia, has announced that it has introduced a number of adjustments to its core product range with immediate effect.

Key Changes

Conforming range increased by an average of 0.40%
Non-conforming range increased by an average of 1.00%
Maximum LTVs lowered to 90% (previous limit: 95%)
Maximum LTVs for First Time Buyers lowered to 85% on all products (previous limit: 95%)
New Build properties – maximum LTVs lowered to:
85% for houses (previous limit: 95%)
80% for flats (previous limit: 95%)
First Time Buyers no longer accepted on Buy to Let or House Plus (self certified Buy to Let)
Light and medium adverse non-conforming Buy to Let removed
Heavy Adverse – restrictions introduced on maximum CCJs and arrears limits (previously unlimited CCJs and no reference required for arrears)

David Tweedy, Platform’s Managing Director said: “Due to ongoing activity within the global capital markets and the subsequent general concern felt by funding providers over credit, we have decided to make adjustments to our lending criteria and pricing. As a responsible lender with ten years experience in the marketplace, we feel that a prudent approach to lending is all the more important in times of uncertainty.

As an organisation that is taking a long term and committed approach to the intermediary market, we believe that Platform is in a good position to take advantage of opportunities that present themselves over the coming weeks and months to further develop our customer proposition.”