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PHL deal for minor credit problems

Britannia subsidiary Platform Home Loans is expanding its product range with a raft of new loans for borrowers with minor credit difficulties.

The loans are available from 2.75 per cent above the three-month Libor – currently just under 4 per cent – for full status borrowers and 3 per cent above Libor for self-certification customers.

To mark the launch, Platform is offering borrowers a 1.5 per cent discount off their mortgage rate until January 2003 or fixing their loan for one year at 6.25 per cent.

Borrowers must pay a fee of 6 per cent of the remaining balance if the loan is redeemed within the first two years or 5 per cent if exited during the third year. All loans are available for purchase and remortgage and for first-time buyers. Maximum loan to value is 85 per cent. Commission is 1 per cent.

Sales and marketing director Guy Batchelor says: “By introducing very competitive rates for people who only just miss out on getting a loan from 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.”

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