Platform has launched a pre-emptive strike against the new lenders set to enter the market this year by extending its adverse lending criteria.
It says the move is its biggest change in three years and will see it moving deeper into the adverse market, although the lender still says it is not prepared to do business at the bottom end of the sub-prime sector.
Sales and marketing director Guy Batchelor says the move is vital becuase the likes of Oakwood and DB Mortgages are likely to provide stiff competition when they enter the market in full later this year with state of the art technology.
Platform is increasing income multiples to up to 5x from a previous high of 3.5x. It is also going up to 90 per cent loan to value on conforming and non-conforming buy-to-let transactions, and has promised better pricing through wider LTV bands.
Batchelor says: This new product range is the first of a number of developments that Platform will be announcing over the next six months to maintain and enhance our standing within the specialist mortgage sector and also make us easier to do business with.