Quick Question for mortgage advisors re Platform mortgages

confused!_13

Hi everyone.

Hope someone can help. Current mortgage with Platform.my house is on market - has been for 5 months. I need a 95% mortgage for new place.

My last mortgage desicion in principal ran out last week,or the week before.This was based on 95% I need to stay with current provider due to redemption figures etc.

A friend of mine who is with same provider is under the impression that they now do not do mortgages for 95% of LTV is this correct? I am 'almost prime' in current mortgage due to some difficulties a good few years ago.

If i can get an answer it would be great.
Rung them to ask, they say go to my advisor as they wont deal with me direct and cant get hold of my advisor and now i am being driven daft incase this is correct and after 5 months of having my house on the market i will be in a position where i cannot move

Thanks!

luckyfool

confused! wrote: »

Hi everyone.

Hope someone can help. Current mortgage with Platform.my house is on market - has been for 5 months. I need a 95% mortgage for new place.

My last mortgage desicion in principal ran out last week,or the week before.This was based on 95% I need to stay with current provider due to redemption figures etc.

A friend of mine who is with same provider is under the impression that they now do not do mortgages for 95% of LTV is this correct? I am 'almost prime' in current mortgage due to some difficulties a good few years ago.

If i can get an answer it would be great.
Rung them to ask, they say go to my advisor as they wont deal with me direct and cant get hold of my advisor and now i am being driven daft incase this is correct and after 5 months of having my house on the market i will be in a position where i cannot move

Thanks!

Platform withdrew their products for over 90% in the last few days so I'm afraid your friend is correct.

confused!_13

Thought as much!
I have an offer for 95% that ran out on Tuesday. Certianly explains why my advisor is ignoring my emails over the past week.

Thank God this was mentioned to me prior to accepting and offer that had been offered this morning.

So i expect that my options now are - swallow the 6% redemption and move providers or stay put in current property for another 2 years.

Can anyone advise otherwise.

Are there any providers out there that are offering 95% on almost prime mortagges. i know its impossible to get a direct answer without going through history etc but an idea will be great

luckyfool

How "almost" prime are you. How long have you been with Platform for and have you had any mortgage arrears?

Any ccjs in last 6 years, if so how much for and when?

Any defaults in last 6 years, how many, how much for, and when?

If yest to either of the above were they paid off and when?

Ever been bankrupt or in an IVA?

You can pm me the answers to the above if you don't want to put it in the thread. There are still some lenders offering near prime type deals at 95% (Accord Mortgages, Advantage, First National) but rates are in the process of going up due to the problems with the US subprime market. (Accord and First National are slightly insulated at least as they are Balance Sheet lenders who are lending their own money and dont have to borrow it from the market where costs have skyrocketted, nor they have to worry about selling the mortgages on, where appetite to buy riskier sub prime mortgages has dried up. Having said that they are still having to put their rates up to ensure that they are not swamped with too much business). Depending on your credit it may be that a high street lender might be able to look at it.

If you can afford to pay a 6% redemption penalty and still put down 5%, then surely you could afford to put down 10% with Platform? Another option you may have is to Let-to-Buy and retain the Platform mortgage for the time being and rent the property out, buying a new property on a 95% mortgage if you can source the deposit. That way you avoid the redemption penalties chargable by Platform,

cheers

Luckyfool

HelpWhereIcan

As luckyfool says, it may well be that you can get a 'high street' deal now that your problems are a good few years old (depending on what they were). It may be that the main thing that was of any benefit to you in staying with Platform was the early repayment charge - 6% is a lot to lose.

Do not assume that you will be near/almost prime everywhere - that classification is/was your status with Platform only. You may be prime (high street) elsewhere. Accord that luckyfool mentioned are an example of a lender who can be good at treating people as prime when problems are more historic. Get some advice before assuming anything.

Sorry to hi-jack and go off thread, but I have to say that your story is a good example of why portability is not the be all and end all with a deal - and shows what problems there can be in signing up for a long term deal expecting to be able to port the mortgage if you move. Not saying that's what you did, but it has been a topic of dicussion in the past http://forums.moneysavingexpert.com/showthread.html?t=221480&highlight=portability