Are Platform / Co op still lending with the Co op fiasco?

SaveFerris

I applied through a Mortgage Broker for a £80,000 mortgage on a £95000 house on 26th April via Platform Home Loans. I have a £40000 income and my credit score at Experian is 999. I have an excellent track record of paying credit.

My experience so far with Platform has been...

1. Platform gave me a DIP agreeing the finance at the end of April 2013.
2. The surveyor went round at start of May 2013 with no problems reported.
3. All of a suden Platform did a new credit search (actually they did two on the same day) and declined my mortgage... but...

1. These second searches were done on an incorrect previous address. (possibly the reason for the decline)

2. They didn't tell my Mortgage Broker it had been declined for two weeks, even though she had been chasing for a response.

When she raised a complaint with them, Platform claimed the underwriter had been on holiday!

As they had made a mistake they claimed to be removing these with Experian and that they would re-run it.

Two weeks passed and nothing happened on my Experian credit file. Eventually I checked with Experian who said they hadn't received any request and advised to get a reference number from Platform.

Platform gave a reference number and I contacted Experian to verify they had received the request from Platform which they said had been received just 10 minutes prior to my call to Experian!

The search footprints were removed 48 hours later. (But not all of the information - linked address and incorrect aliases remained).

Platform then said they would use the original credit search and be providing the mortgage offer and gave a specific date last week!

They also stated specifically to my Mortgage Broker that they would not do any more credit searches.

Yet again. Last week they did another one!

And since then they are refusing to communicate at all to let me or my Mortgage Broker to state if it has gone through okay or not or provide any update.

This has left my credit file tarnished with inaccurate information and still I don't know whether they are lending or not.

And nobody from Platform is answering messages, emails or anything left for them... despite receiving written promises that they would do!

I am not sure what to do other than report Platform to the Ombudsman and try elsewhere.

So has anybody else received this sort of treatment from Platform or Co-op when applying for a mortgage recently?

Are they picking and choosing because of their black hole dilemma and not wanting to declare it to the public in fear of further downgrades?

Maybe somebody from Platform or Co-op can shed some light!


:mad:

amnblog

As far as we are aware CoOp are still lending through Platform.

This sounds like the occasional case that turns into a fiasco due to the credit scoring system. Sometimes, something as simple as how an address is entered into the system can greatly alter the credit score result. There is, of course no excuse for the poor communication.

Two months on you may well find there are now other lenders with better rates so ask your broker from their view on the practicality of changing lender.

Wh05apk

And make sure you make a formal complaint to the lender, that should help to get things resolved.

SaveFerris

amnblog wrote: »

As far as we are aware CoOp are still lending through Platform.

This sounds like the occasional case that turns into a fiasco due to the credit scoring system. Sometimes, something as simple as how an address is entered into the system can greatly alter the credit score result. There is, of course no excuse for the poor communication.

Two months on you may well find there are now other lenders with better rates so ask your broker from their view on the practicality of changing lender.

Platform did search the wrong address but then supposedly sorted it and it went to a senior underwriter. (When I say wrong.. I mean completely different address which had nothing to do with me - not just a typo)

They then ran another search (we don't know if they did it on the correct address or not) but they refused it... due to an address issue.

As the senior underwriter has said no they won't even look into fixing the problem anymore.

Their internal communication seems abysmal at present.

My Mortgage Broker is so frustrated with them she has said we should abandon them and go elsewhere. She has lodged a complaint.

Unfortunately for Platform Home Loans I have daily records of credit files so I can see exactly what mistakes they have done and when.

I fear it is likely to go to the Ombudsman!

I certainly would think twice before applying with Platform again!

They are completely useless. How difficult is it for them to process information supplied to them correctly?

SaveFerris

Wh05apk wrote: »

And make sure you make a formal complaint to the lender, that should help to get things resolved.

Formal complaint lodged... not that they will bother to do anything about it in any timely manner. Platform do not seem to like to communicate on any level!