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Platform focuses on increasing adverse credit market

Specialist adverse credit lender Platform Home Loans has brought in a new fixed rate mortgage for this sector of the market.

The mortgage has a fixed rate of 7.25 per cent for loans of up to 80 per cent of valuation for the first year of the mortgage. After the fixed rate period the mortgage will revert to 3.25 per cent above the London Interbank Offered Rate.

The mortgage is aimed at borrowers who have had county court judgements (CCJs) made against them because they have defaulted on mortgage payments, or who have a history of adverse credit. Applicants are allowed a past CCJ maximum of £3,000, with no CCJs being made against them in the past year.

There is an arrangement fee of £395 and a redemption penalty of 6 per cent of the advance in the first two years of the loan, followed by 5 per cent in the third year.

A recent report from Bristol & West revealed the UK gross lending market totalled £121bn in 2000, with the adverse credit market taking up £2.2bn of this area. By 2005 the adverse credit market is expected to grow to £17bn.

According to Moneyfacts the most competitive one-year fixed rate adverse credit mortgage is from Bristol & West. This has an interest rate of 5.25 per cent for loans of up to 85 per cent of valuation, after which is reverts to 1.75 per cent above the Bank of England base rate. This has redemption penalties of five per cent of the advance for the first two years, followed by 4 per cent in year three. The Bristol & West mortgage has a higher CCJ limit of £10,000, in contrast with the Platform Home Loans limit.


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