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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.”


SocGen flies west

SOCGEN American Growth Unit Trust Type: Unit trust. Aim: Growth by investing in quoted US companies. Minimum investment: Lump sum £1,000, monthly £50. Investment split: US 88 per cent, Canada 2 per cent, futures 7 per cent, cash 3 per cent. Isa link: Yes. Pep transfers: Yes. Charges: Initial 5.25 per cent, annual 1.5 per […]

Halifax merger with Bank of Scotland cleared

The £30bn merger between Halifax and Bank of Scotland has been given the all-clear by trade and industry secretary Patricia Hewitt.In a move to create a rival to the big four British banks, Hewitt gave the go-ahead last week after expressing her satisfaction the deal does not present any competition concerns.She said the merger differed […]

Business protection guide offers new opportunities

Royal & Sun Alliance is issuing IFAs with a new guide introducing them tothe business protection market. The Business Protection Guide gives IFAs an insight in to the market,explaining why businesses need protection and contains technicalinformation on business protection products. These include keypersonprotection, partnership protection and shareholder protection. In a survey of employers conducted by […]

Record lending for Rock

Northern Rock has seen record gross lending of £4bn and net lendingof £2.3bn for the first six months of this year. The increase represents a 28.2 per cent jump from £3.1bn last yearand the 16.3 per cent leap in net lending from £2bn helped give thecompany a 7.3 per cent share of UK net mortgage […]


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