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PHL discount on adverse loans

Specialist lender Platform Home Loans is offering a 1.5 per cent

discount across its range of new non-conforming mortgages.

The discount applies until June 1, 2003 and applies to its standard,

self-certification, light-adverse, fast track and right-tobuy loans.

The initial rate for lightadverse mortgages, which are aimed at

borrowers with minor credit difficulties such as one county court

judgment, is 5.375 per cent.

After the discount period, the rate returns to the lender&#39s standard

rate which for light-adverse mortgages is 2.75 per cent above Libor.

Loans are available up to 95 per cent loan to value for both house

purchase and remortgages.

The minimum loan is £25,001. There are early redemption fees of

6 per cent in years one and two and 5 per cent in year three.

Sales and marketing director Guy Batchelor says: “We are delighted to

be able to introduce this new rate up until June 1, 2003 – our best

offer ever.

“Platform is now offering one of the lowest and longest discounts in

the non-conforming lending sector. With our lowest rate now at 5.375

per cent, this is cheaper than many standard variable rates offered

by highstreet lenders.”


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Capped term: 5 yearsCapped rate: 5.45%Minimum loan: £25,001Maximum loan: Up to 95% of valuation subject to maximum of£250,000, negotiable beyond Income multiples: 3 times principal income plus 2.5 times jointArrangement fee: £295Redemption fee: 5% of advance for 5 yearsConditions: £250 moneybackIntroducer&#39s fee: Loans of £25,000 to £74,999 – £150, loans of£75,000 to £149,999 – £175, […]

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