Anyone applying with Platform Mortgages?

kasperblue

I'm in the process of applying for a mortgage with Platform. I think a lot of lenders are struggling with time frames at the moment but Platform have specified a 14 working day time frame for only the initial underwriting decision.


Is anyone else having a similar experience or (fingers crossed) this is only the worst case scenario?

ACG

I have one going through with them at the minute. When I usbmitted it it was 10 working days by the time they got round to it it had jumped to 16 working days.

I made the client aware and he was happy to wait.

Submitted it fully packaged as requested and it went straight to valuation.

Just waiting on the val to come back it has been fairly straightforward - although the client had striaght forward circumstances.

kasperblue

Thanks. I'm hoping ours will be pretty straigh forward too - we are not FTB, looking for 80% LTV and are only asking for 2.3 times our combined salaries. I've only been in my job just under 3 months but I'm no longer on probabtion which will hopefully go in my favour!

Fingers crossed it doesnt take forever. Our broker gave us the option to wait or move to someone else but it didnt seem to make sense to switch now.....the deal is pretty good and we currently have no pressure from the rest of the chain.

ACG

I used to work for co-op bank mortgages - although everything seems to be different through platform - ht eunderwriters are the same and tend to use a common sense approach. They were all fairly nice bar one so I doubt they will make it awkward.

No income stretches or adverse credit and im sure you will be fine. It is just a waiting game, but the uunderwriters are not like some lenders wanting blood just for the sake of it.

kasperblue

Good to know - thanks. I think I just need to chill out and wait for a bit.

I checked my credit report today and it seems like Platform did a full credit check when we got the offer in principle.....I guessing they wont need to do another now....or that might affect my score?

amnblog

There are a number of lenders in the market currently that will take anything up to two weeks just to make an initial assessment on an application.

The rest are not as efficient as that.

ACG

amnblog wrote: »

There are a number of lenders in the market currently that will take anything up to two weeks just to make an initial assessment on an application.

The rest are not as efficient as that.

You dont think 2 weeks is a long time?

kasperblue

I've just checked the Platform mortgages website and it appears that their service standards for an initial review has dropped from 14 working days to 8 working days......we are now on working day number 8 so hopefully we'll hear something soon!