Britannia lending policy/Platform

catlady12

Hi
We have a mortgage with Britannia that we are looking to extend and to re-negotiate the rate as coming to end of fixed rate . I am trying to find out what their lending policy is but they will not tell me. However, is it the same as the lending policy on the Platform site as they are Britannia's intermediary arm?? As it will be an extension of an existing Britannia mortgage, do we have to go through Britannia direct or cam we use Platform. I have tried calling them but they would not give me straight answers to these questions unless we did a decision in principle. However, we are not quite ready to proceed as my partner is in process of being discharged from another mortgage on his former home.

Also part of our current mortgage (circa 25%) is on interest only and we have some savings set aside (more than 50% of the
Interest only amount) but may wish to use a portion of these for the building work. What are the requirements in terms of suitable savings vehicle for interest only. Is an instant access saver account ok or is a bond/ISA required? We are 23 years away from end of term so I am reluctant to tie our savings up because they are an emergency fund also and we will ultimately be able to pay mortgage off through downsizing/inheritance as interest only is only about 15% of property value. Again they would not tell me their policy...

So frustrating that they will not answer simple questions

ACG

Criteria is the same across all of their brands - or at least was when I worked for them (I left around 2 years ago).

You may find you have to go all on to repayment if you deal with them over the phone.

catlady12

Thanks. They said we could keep the interest only part provided we could show how we will repay it but they would not tell me what vehicles they deem acceptable for repayment. They did not seem to understand me when I was saying this affects how much we need to borrow because it affects how much of our savings we can use on building work. LTV is about 70% of which interest only is 15% so hopefully that will go in our favour

catlady12

Thanks. They said we could keep the interest only part provided we could show how we will repay it but they would not tell me what vehicles they deem acceptable for repayment. They did not seem to understand me when I was saying this affects how much we need to borrow

Westminster

This any good for you? http://www.platform.co.uk/PDF/Lending-Criteria-Feb15.pdf

catlady12

Yes, I found the platform lending policy thanks Westminster. What I am trying to establish is if the Platform policy is what britannia use as our mortgage is direct with Britannia but as I understand it Platform are the same as Britannia?