Moving to 'Platform' as a provider - Any experiences?

medic914

Evening,

A reputable broker is recommending a move from Santander to a Co-op intermediary called Platform on a 75% LTV remortgage.

Its a 3 year fixed deal with a £4000 exit premium in year 1, £2000 in year 2.

I've never heard of them, but the link to Co-op has me somewhat concerned. Any Mortgage gurus out there who can reassure me (or otherwise..) as to whether I accept the deal and move?

Thanks for your advice,

John

GMS

Don't be worried about the Coop part. At the end of the day you will have their money, not the other way round.

Is it a residential or a Buy to Let remortgage?

Fixed rate deals have early repayment charges so nothing unusual there. If you are unhappy with them then ask for a different provider with more preferable terms or go for a product without any.

medic914

Thanks for the reply, GMS. Its a residential remortgage. London and Country came back recommending it.

I understand the early exit fees. Its 2.94% and £87 cheaper than Santander's SVR, despite £5,500 additional lending to render the house. Only a £90 admin fee and valuation/legal fees are nil.

So, it looks a no brainer. But there's no such thing as a no-brainer when theres over a 100k involved.. lol

A couple of the forum discussions on here had me concerned, but they were posted back in 2007...

Deep breath and sign, eh?!

GMS

In 2007 Platform were a sub prime lender hence the stories.

That said you only tend to get stories of when things are bad and usually bad experiences with mortgage providers are when people don't pay!

How much are you borrowing? What is the property value?

medic914

The balance is 121400 against Santander's indexed value of £174k. I'd like to add around 5-6k to remove pebbledash and render. The term is remaining at 14y 10m (or 15y)

Thanks for any advice,

John

GMS

Have you found sold comparables in the area within last 12 months.

An external valuer will use these rather than an index.

Decent deal with Platform on the face of it

GMS

Should have said 6 months

medic914

The range for the street is huge, with a 50k variance. Zoopla has given it a projected value £12k above Santander (!)

I guess I'll hold my breath for Platform's valuation.

Thanks for the input, GMS :beer:

GMS

Try rightmove sold prices.