Platform Home Loans Limited

indian_jalepeno

Hi all, one of my friends has recently been offered a mortgage product by the above company. Having done a search it seems like they are a subsidiary of the CoOp and Brittania? An expensive one at that. He was offered this due to a potential gifted loan from a family member and hence restricts him on mortgage options apparently.

Can anyone shed any light on if this company is reputable or should he ditch the broker and go elsewhere?

Ta

I J

ACG

Platform are reputable, they have been going years. They are also part of the co op group - which as far as banks/companies go is one of the most reputable in the country - if not the world.

If your not happy with the product, thats a different issue. These are things you should be discussing with your broker though.

greenjellybean

ACG wrote: »

Platform are reputable, they have been going years. They are also part of the co op group - which as far as banks/companies go is one of the most reputable in the country - if not the world.

If your not happy with the product, thats a different issue. These are things you should be discussing with your broker though.

Phew! Im so pleased to hear this! My broker has just put through an application for me with Platform for a BTL. I was keen to go with them when I heard they were part of the Co-op which seems to me to be a very fair company.
Low application fee too which is always good news.

betmunch

indian_jalepeno wrote: »

He was offered this due to a potential gifted loan from a family member and hence restricts him on mortgage options apparently.

Can anyone shed any light on if this company is reputable or should he ditch the broker and go elsewhere?

Ta

I J

Where would you recommend he goes then?

No point commenting on how good or bad Platform are if you dont have an alternative

Senior_Paper_Monitor

Respected lender BUT tending towards 'picky' - I don't understand what a "'gifted loan' is !

From Platform's criteria ....

3.5.1 Deposit

Provided from the applicant’s own funds (a loan is not an acceptable source of deposit).

Proof of deposit is required on all cases where the deposit is not wholly funded by the equity

from the sale of the applicant’s current property.

Evidence of savings must be in the form of bank or building society passbook held in the applicant’s

name, i.e. copy of the current value of ISA held in the applicant’s name, or a copy of the mortgage

offer if the applicant is remortgaging an existing property to raise the deposit. The source of any

lump sum credit may be queried or proof of the build up of funds requested.

For Let to Buy loans greater than £500,000 it is not acceptable for any part of the deposit to be

from:

- Gift

- Remortgage of any property owned (including current residential property, Buy to Let property,

2nd homes etc)

Platform will require proof of deposit (where one is being paid) prior to offer for all Buy to Let

purchases where the vendor and applicant are relatives.

For all
private sales Platform will require proof of the deposit prior to offer.

Platform will accept as an acceptable source of deposit a long service advance of pay. (e.g.armed forces, police or similar).

3.5.2 Gift from family member

These are acceptable where the deposit or part of the deposit is being funded by a nonrepayable

gift from a family member - this can be spouse, same sex partner, parent, sibling,

child, grandparents, aunts and uncles, nephews and nieces or where there is an obvious family

connection which can be proved.

Platform will require a gifted deposit declaration to be provided by the donor together with proof

of the deposit monies in either the donor or applicant’s account.

These are not acceptable on applications where the purchase is a private sale (i.e. no selling

agents and not a family purchase) or where the loan amount is greater than £500,000 on a Let to

Buy application.




I think it most unlikely that the reason for selecting Platform is that they accept a 'gifted loan' - family gifted deposits are widely accepted by mainy lenders (but not if they are 'loans' - neither does Platform accept loans).

betmunch

SPM - Platform accept a gifted deposit (not loan like the OP says) in the form of equity which isnt so widely accepted. I think this is the most likely reason for selecting them.

If its gifted equity/sale at below market value from family member then there are a few other options.

If its a gifted cash deposit there should be loads of options.

If its a loan then its not going anywhere that isnt fraudulent!

Either way, there are plenty of other legitimate reasons why Platform may have been selected aside from the source of the deposit

Senior_Paper_Monitor

betmunch - I agree with that fully and am not suggesting there is anything wrong with their selection - just that the original statement says 'gifted loan'.

As we both agree:

- if it is loan, neither they nor anyone else I can thing off is going to accept it (unless the loan provider is on the mortgage and fits rest of criteria)

if it is a gift, then most lenders will take it (so not a reason to select Platform)

betmunch

Sorry I read it that you wanted clarification on what it could be, when in fact your saying: I dont know what a gifted loan is.

Obviously because there is no such thing! Sorry for teaching you to suck eggs!!!

Dont you hate it when the OP is unclear, then disappears!!!

indian_jalepeno

I'm still here!!
Having spoken to him again it does sound like a gifted deposit as he is buying the house from his brother for under the market value..and he hasn't got any form of cash deposit, so this could form the deposit to reduce LTV. If that is clearer??? Sorry for the ambiguity!!!!

Ta

Senior_Paper_Monitor

Here's the (Platform) rules - the mere fact of no savings history may not sit well with the underwriter .....

Deed of gift and transfer at undervalue



If the price being paid for the property is less than the full market value the lawyer will be asked to confirm that the property is not subject to a transfer at undervalue or a deed of gift before completion. The mortgage offer will be conditioned accordingly.



If there is such a transaction taking place / taken place within the last 5 years, the lawyer must confirm that an acceptable deed of gift indemnity will be obtained. A transfer from single to joint ownership does not require indemnity if the transfer is simultaneous with the completion.

indian_jalepeno

Ok thanks for your helpful advice. Will pass it on to them both.

I J