View more on these topics

Platform helps credit impaired find their feet

Specialist adverse credit lender Platform Home Loans has brought in the fixed rate mortgage.

Platform is aiming the mortgage at borrowers who have had trouble obtaining mortgages in the past because of a history of adverse credit or because of county court judgements (CCJs) made against them.

The mortgage has a fixed rate of 7.49 per cent until July 1, 2002 for loans of up to 95 per cent of valuation. After the fixed rate period the mortgage reverts to 3.75 per cent above the London Interbank Offered Rate (LIBOR).

The mortgage has an arrangement fee of £395 and redemption penalties of 6 per cent of the advance in the first two years and 5 per cent in the third year. Customers are allowed up to £3,000 in CCJs against them, but no CCJs in the past 12 months.

According to analysts Datamonitor this market is growing. In 1999 adverse credit lending totalled £5.9bn, up from the previous year&#39s total of £4.98bn.

Looking at the adverse credit lending market, Moneyfacts indicates the most competitive one-year fixed rate adverse credit mortgage on May 31, 2001, is from Bristol & West. This is the one-year adverse credit mortgage, which has a fixed rate of 5.25 per cent for the first year. It has a CCJ limit of up to £10,000, which is higher than Platform Home Loans. It also has more competitive redemption penalties of five per cent of the advance for the first two years and four per cent for the third year.


Nationwide slated on compulsory Cat loans

Nationwide has come under attack from IFAs for calling on the Government to make what advisers claim to be “anti-consumer” Cat standards compulsory on mortgages. In its annual results last week, Nationwide defended its pricing policy by pushing for the Government to introduce legislation making Cat standards compulsory to ensure “a fair mortgage deal for […]

Independent view

Unlike David Icke, I have never been one for conspiracy theories. However, the recent round of announcements by the Treasury and other industry bodies proposing even greater regulation did give me cause to pause for thought. But after delving yet again into what is becoming my most favoured website to download the detail of the […]

Sub-prime mover

“I wouldn&#39t compare it to the Titanic but it is a big old business already.” Birmingham Midshires&#39 newly appointed head of lending, Michael Bolton, is musing over the lender&#39s impending entry into the sub-prime market. Already a business boasting more than £10bn of mortgage assets, Birmingham Midshires is a sizeable player in the specialist lending […]

Goodfellows –

Tuesday, 29 May 2001.Type: Income protection.Minimum benefit/premium: £100 a month/£2.50 a month.Minimum-maximum ages: 18-65.Deferred period: 30 days.Charges: None.Definition of disability: Own occupation.Commission: Initial 20 per cent, renewal 20 per cent.Tel: 01376 347369. 


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm