To track, or fix, that is the question.

K_S

proformance said:

K_S said:

@proformance Afaik, Platform never had a +0.49% tracker in the past few weeks, it's just that the Platform sourcing still uses the 2.25% base rate hence the confusion. I guess the broker wasn't aware.

Most trackers come with no ERC but Platform's come with one.

I'm looking a the email exchange and illustration doc, and it definitely shows BoE @ 3pc (which is accurate) + Platform fee @ 0.49pc...

Annoying that Platofrm imposes exit fees. Not insignificant either. 

@proformance Sorry to keep banging the same drum but it's almost certainly an error. Over the past couple of months I've sourced tracker rates every couple of days for clients and it's very unlikely I'd have missed an 80% LTV +0.49% resi remo tracker rate being introduced by a mainstream lender.....

What's the product code on the illustration - M3531?

proformance

K_S said:

proformance said:

K_S said:

@proformance Afaik, Platform never had a +0.49% tracker in the past few weeks, it's just that the Platform sourcing still uses the 2.25% base rate hence the confusion. I guess the broker wasn't aware.

Most trackers come with no ERC but Platform's come with one.

I'm looking a the email exchange and illustration doc, and it definitely shows BoE @ 3pc (which is accurate) + Platform fee @ 0.49pc...

Annoying that Platofrm imposes exit fees. Not insignificant either. 

@proformance Sorry to keep banging the same drum but it's almost certainly an error. Over the past couple of months I've sourced tracker rates every couple of days for clients and it's very unlikely I'd have missed an 80% LTV +0.49% resi remo tracker rate being introduced by a mainstream lender.....

What's the product code on the illustration - M3531?

It was via Trussle, so I'm not privy to the product code from Platform. 

Am I allowed to share a non-sensitive snippet of the illustration (in Trussle's colours)?

 I'm starting to agree with you because, no where in the illustration does it specify a specific breakdown, such as £BoE rate + 0.49pc".

Instead, it just says "introductory rate = 3.49pc".

Many thanks 

Z

proformance

Here's the illustration.. Keen to see what you think? I've probably. Misinterpreted some things..

K_S

proformance said:

K_S said:

proformance said:

K_S said:

@proformance Afaik, Platform never had a +0.49% tracker in the past few weeks, it's just that the Platform sourcing still uses the 2.25% base rate hence the confusion. I guess the broker wasn't aware.

Most trackers come with no ERC but Platform's come with one.

I'm looking a the email exchange and illustration doc, and it definitely shows BoE @ 3pc (which is accurate) + Platform fee @ 0.49pc...

Annoying that Platofrm imposes exit fees. Not insignificant either. 

@proformance Sorry to keep banging the same drum but it's almost certainly an error. Over the past couple of months I've sourced tracker rates every couple of days for clients and it's very unlikely I'd have missed an 80% LTV +0.49% resi remo tracker rate being introduced by a mainstream lender.....

What's the product code on the illustration - M3531?

It was via Trussle, so I'm not privy to the product code from Platform. 

Am I allowed to share a non-sensitive snippet of the illustration (in Trussle's colours)?

 I'm starting to agree with you because, no where in the illustration does it specify a specific breakdown, such as £BoE rate + 0.49pc".

Instead, it just says "introductory rate = 3.49pc".

Many thanks 

Z

@proformance Ah a Trussle quote, the kind that starts like below? That's just the output from their internal sourcing system and not a proper ESIS/KFI/Illustration which would include a lot more detail. I would've expected the broker to do a sense check before sending it out to a client but I guess they didn't.



Once you select a specific product, I expect at that point they'll send you the proper illustration.

proformance

K_S said:

proformance said:

K_S said:

proformance said:

K_S said:

@proformance Afaik, Platform never had a +0.49% tracker in the past few weeks, it's just that the Platform sourcing still uses the 2.25% base rate hence the confusion. I guess the broker wasn't aware.

Most trackers come with no ERC but Platform's come with one.

I'm looking a the email exchange and illustration doc, and it definitely shows BoE @ 3pc (which is accurate) + Platform fee @ 0.49pc...

Annoying that Platofrm imposes exit fees. Not insignificant either. 

@proformance Sorry to keep banging the same drum but it's almost certainly an error. Over the past couple of months I've sourced tracker rates every couple of days for clients and it's very unlikely I'd have missed an 80% LTV +0.49% resi remo tracker rate being introduced by a mainstream lender.....

What's the product code on the illustration - M3531?

It was via Trussle, so I'm not privy to the product code from Platform. 

Am I allowed to share a non-sensitive snippet of the illustration (in Trussle's colours)?

 I'm starting to agree with you because, no where in the illustration does it specify a specific breakdown, such as £BoE rate + 0.49pc".

Instead, it just says "introductory rate = 3.49pc".

Many thanks 

Z

@proformance Ah a Trussle quote, the kind that starts like below? That's just the output from their internal sourcing system and not a proper ESIS/KFI/Illustration which would include a lot more detail. I would've expected the broker to do a sense check before sending it out to a client but I guess they didn't.



Once you select a specific product, I expect at that point they'll send you the proper illustration.

I just did some research on Platform and can see what they've done herebit corresponds exactly with your theory. 

They were illustrating this deal based on 1.29%. So it is effectively 1.49%, as you suggested.

Now I see why there were ignoring our questions. 

This practise should not be allowed IMO. Illustrations should be based on live data. 

So, going back to the beginning, can anyone suggest a better product than BoE base + 1.29%?

(sorry for the confusion, but glad we got there in the end) 

K_S

@proformance To be fair, it is based on live data from Platform, the issue here being that Platform hasn't updated their product guide yet, so even my sourcing shows the outdated rate but I know that it's not plausible so when considering the product for a client, I would assume the actual rate and not the one shown on the system.


As for the 'best' tracker product at 80% LTV, I couldn't say what that is for you but if you qualify for it, the Barclays product below is definitely superior to the Platform one.

85% LTV 5 year tracker at BOE+1% , no ERC, 1k fee

proformance

K_S said:

@proformance To be fair, it is based on live data from Platform, the issue here being that Platform hasn't updated their product guide yet, so even my sourcing shows the outdated rate but I know that it's not plausible so when considering the product for a client, I would assume the actual rate and not the one shown on the system.


As for the 'best' tracker product at 80% LTV, I couldn't say what that is for you but if you qualify for it, the Barclays product below is definitely superior to the Platform one.

85% LTV 5 year tracker at BOE+1% , no ERC, 1k fee

Thanks! Where can I source the Barclays one from? It wasn't in Trussle's recommendations.. 

K_S

@proformance Your Trussle broker will definitely have access to it, just drop them a note. Alternatively, it's also available direct with Barclays or through any other broker.

IAMIAM

K_S said:

@proformance Your Trussle broker will definitely have access to it, just drop them a note. Alternatively, it's also available direct with Barclays or through any other broker.

Can I secure this rate do you think? Barclays 3.6%? I want it to 'remortgage' drawdown 1st July 2023. Or is it a case of apply 1st January as its 6 months from application start?

K_S

IAMIAM said:

K_S said:

@proformance Your Trussle broker will definitely have access to it, just drop them a note. Alternatively, it's also available direct with Barclays or through any other broker.

Can I secure this rate do you think? Barclays 3.6%? I want it to 'remortgage' drawdown 1st July 2023. Or is it a case of apply 1st January as its 6 months from application start?

@iamiam The Barclays mortgage offer will be valid for 6 months (or 180 days I'm not sure) from application so to drawdown on 01 July so in theory you could apply no earlier than 01 Jan (or 180 days prior to 01 Jul).

Personally I would give at least a week's leeway to account for any last minute completion delays.