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Platform fixes lower amid threat of base rate hike

Non-conforming lender Platform Home Loans is overhauling its fixed-rate

range to attract cautious borrowers fearful of interest rate rises.

Platform is introducing two new loans and cutting the rate on two existing

products after seeing demand for fixed-rate loans rocket by 13 per cent

last month following market speculation of a rise in rates.

The new loans at available at 6.74 per cent and 6.99 per cent to maximum

loan to value of 65 per cent and 75 per cent respectively. The rates of the

existing mortgages have been cut from 7.3 per cent to 7.24 per cent and

from 7.55 per cent to 7.49 per cent. Maxi-mum LTV is 95 per cent.

Available for purchase and remortgage, the loans are fixed until December

2002. Following the fixed period, borrowers revert to a margin over Libor

dependent on the borrower&#39s credit history.

Redemption penalties are 6 per cent of the loan during the first two years

and 5 per cent in the third year. For the remainder of the mortgage,

borrowers must give one month&#39s notice in lieu or pay 1 per cent of the

amount redeemed.

All the loans are open to borrowers with CCJs, mortgage arrears and

bankruptcies or who have failed credit sco-res with mainstream lenders.

Sales and marketing director Guy Batchelor says: “Many industry

commentators are advising that we have reached the bottom of the current

interest rate cycle.”

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