Britannia Building Society subsidiary Platform has enhanced its non-conforming product range.
Platform has added a fast-track product at 75 per cent to its existing range at Libor plus 3.50 per cent and has also extended its bonus discount, offering an extra 0.25 per cent discount to one year, 18-month and two-year discounts on all cases received by January 31 2005.
Margins on medium adv-erse, fast-track and right-to-buy products have been reduced by up to 0.75 per cent and Platform is offering £500 cashback on all fast-track products. It is also launching a new right-to-buy product range which it says has thinner margins.
Platform says that while it has not had a major review of its non-conforming range for nearly a year, the performance of its non-conforming loan book has been good and it is therefore keen to originate more volume in 2005.
Sales and marketing director Guy Batchelor says: “We are delighted that our new right-to-buy range is marketleading in terms of price and loan to values available. In recognition of the growth of remortgage business, we have also launched new products in the form of a new 75 per cent fast-track mortgage and a £500 cashback on the whole fasttrack range to help these borrowers meet the costs associated with remortgaging.”