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New loan range for Platform relaunch

Platform, the intermediary lending subsidiary of Britannia Building Society, is relaunching with a new product range following its merger with Verso, the society&#39s other specialist division.

The Platform Home Loans and Verso brands were brought together to eliminate overlap and bring the new firm under the Platform brand.

Platform says this will end the confusion brokers faced when dealing with two Britannia brands and will be the one point of contact for a full product range.

The new mortgage range covers the mainstream, sub-prime, self-certification and buy-to-let markets.

It includes changes to products previously offered by Verso and Platform, including raising the maximum loan to value and widening criteria on remortgages.

Platform has developed a “cascade” underwriting system, which means that if a potential borrower does not fit the criteria of one product, they will be considered for others until an appropriate product is found without the broker having to resubmit an application.

The lending target for the first year is £1.8bn, up from the £1.65bn generated by Platform and Verso last year, with prime or mainstream business expected to make up between 5-10 per cent of the total.

Britannia may also set up a referral system to Platform for borrowers who do not fit the society&#39s criteria.

Platform sales and marketing director Guy Batchelor says: “The Platform name will remain synonymous with highly competitive mortgage products, first-class service standards and a commitment to meeting the needs of our intermediaries.”

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