Platform offering new four-year fixed deal

In a bid to celebrate the upcoming football World Cup in South Africa, Platform has launched a new mortgage fixed until the next tournament in 2014.

With a headline rate of 3.99 per cent for up to 60 per cent loan-to-value LTV, the intermediary lender of The Co-operative Bank believes the offer could challenge the current preference for two-year fixed products.

Earlier this month, Paragon Mortgages reported that two-year fixes continue to be the most popular mortgage deals among consumers.

Platform is offering rates of 4.19 per cent for up to 70 per cent LTV, 4.49 per cent for 75 per cent and 4.99 per cent for 80 per cent.

Lee Gladwell, business development director at Platform, said: "We believe this new four year product is an excellent choice for intermediaries to recommend to their clients seeking the reassurance that comes from fixed monthly payments."

He added that taking out a longer-term mortgage avoids having to go through the whole process again, incurring more fees, in the near future.

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2010-05-24 08:56:20 © Moneyextra.com