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Platform cuts LTVs and raises rates

Platform has become the latest lender to tighten its lending criteria and increase rates across its non-conforming range by 1 per cent.

It is lowering its maximum loan to value from 95 per cent to 90 per cent.

This follows similar moves by both GMAC-RFC and Mortgages plc.

Platform has reduced its first-time buyer maximum LTV from 95 per cent to 85 per cent on all products and maximum loan to value for newbuild properties has been cut from 95 per cent to 85 per cent for houses and 80 per cent for flats.

The company has tightened its lending criteria even further by stating that it will no longer accept FTBs on its buy to let or house plus.

The changes also see light and medium-adverse non-conforming buy to let removed and the firm has introduced restrictions on maximum county court judgments and arrears limits for heavy adverse.

Platform has also raised rates on its prime range by an average of 0.4 per cent.

Platform managing director David Tweedy says: “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.”

Cheltenham & Gloucester has increased rates on all its Assist and Access fixed and tracker products by 1 per cent but says it will still be paying a 0.65 per cent procuration fee on assist cases.

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