Platform Mortgage

ES1989

You don’t seem to read much about Platform declining mortgages.  Can any advice be offers as to how Platform are in regard to late payments? Is that something which would have been flagged at the AIP stage considering it was a hard check? I have one in the last 12 months which is currently under dispute. Having read Platforms lending criteria they don’t seem to mention much regarding late payments all Iv read is “Anything up to two in the last  12 months will be considered, providing the credit check is passed”. Many Thanks 

nakiwala123

ES1989 said:

You don’t seem to read much about Platform declining mortgages.  Can any advice be offers as to how Platform are in regard to late payments? Is that something which would have been flagged at the AIP stage considering it was a hard check? I have one in the last 12 months which is currently under dispute. Having read Platforms lending criteria they don’t seem to mention much regarding late payments all Iv read is “Anything up to two in the last  12 months will be considered, providing the credit check is passed”. Many Thanks 

This is what they say about defaults on their advisers documents;
Defaults totalling in excess of £500 registered in the last 6 years not accepted. Any defaults will be taken into account as part of credit scoring.

They also have a statement on mortgage arrears 
One missed mortgage payment can be considered provided the application still passes credit score and a satisfactory explanation is received by the underwriter. Any payment less than the contractual monthly amount will be classed as a missed payment.

and CCJs
Maximum CCJ is £100 and satisfied

ES1989

nakiwala123 said:

ES1989 said:

You don’t seem to read much about Platform declining mortgages.  Can any advice be offers as to how Platform are in regard to late payments? Is that something which would have been flagged at the AIP stage considering it was a hard check? I have one in the last 12 months which is currently under dispute. Having read Platforms lending criteria they don’t seem to mention much regarding late payments all Iv read is “Anything up to two in the last  12 months will be considered, providing the credit check is passed”. Many Thanks 

This is what they say about defaults on their advisers documents;
Defaults totalling in excess of £500 registered in the last 6 years not accepted. Any defaults will be taken into account as part of credit scoring.

They also have a statement on mortgage arrears 
One missed mortgage payment can be considered provided the application still passes credit score and a satisfactory explanation is received by the underwriter. Any payment less than the contractual monthly amount will be classed as a missed payment.

and CCJs
Maximum CCJ is £100 and satisfied

Hi nakiwala123, thank you very much for the above and for going to the effort to provide this. Very much appreciated. I believe I saw the above detailed within the lending criteria on the Platform website. It’s not a late mortgage payment that I have and we don’t have any defaults or CCJ’s. We passed the DIP hard check and I read on another discussion board where a MA mentioned that in their experience 99.9% of applications which pass the DIP with Platform tend to go to offer. I suppose I was just wondering if anyone had experience of having late payments however and still being offered a mortgage with Platform.  

joeksemail

ES1989 said:

nakiwala123 said:

ES1989 said:

You don’t seem to read much about Platform declining mortgages.  Can any advice be offers as to how Platform are in regard to late payments? Is that something which would have been flagged at the AIP stage considering it was a hard check? I have one in the last 12 months which is currently under dispute. Having read Platforms lending criteria they don’t seem to mention much regarding late payments all Iv read is “Anything up to two in the last  12 months will be considered, providing the credit check is passed”. Many Thanks 

This is what they say about defaults on their advisers documents;
Defaults totalling in excess of £500 registered in the last 6 years not accepted. Any defaults will be taken into account as part of credit scoring.

They also have a statement on mortgage arrears 
One missed mortgage payment can be considered provided the application still passes credit score and a satisfactory explanation is received by the underwriter. Any payment less than the contractual monthly amount will be classed as a missed payment.

and CCJs
Maximum CCJ is £100 and satisfied

Hi nakiwala123, thank you very much for the above and for going to the effort to provide this. Very much appreciated. I believe I saw the above detailed within the lending criteria on the Platform website. It’s not a late mortgage payment that I have and we don’t have any defaults or CCJ’s. We passed the DIP hard check and I read on another discussion board where a MA mentioned that in their experience 99.9% of applications which pass the DIP with Platform tend to go to offer. I suppose I was just wondering if anyone had experience of having late payments however and still being offered a mortgage with Platform.  

My personal opinion on this (and I will be honest, its not that informed) is that if you passed hard credit scoring you will be fine.
They advertise their underwriting rules to MAs for this reason so they may ask questions but doubt they will decline based on one missed payment.
May I ask the company you are disputing the payment with? I had a similar situation and through some serious dedication and tenacity, I managed to get it resolved very quickly. You just need to tell them what they need to do in the correct technical language.

ES1989

Hi Joeksemail, thanks for your comments. Also I believe you posted l the Intermediary lending criteria In an earlier post which was also greatly appreciated. The late payment is with HSBC but it was due to a switch in bank accounts. They have accepted fault, however the update to the credit agencies seems to be taking some time. It’s just a littler nerve racking as you don’t know how much comfort to take from passing the hard check DIP. I note you applied with Platform a similar time to myself. We have today had confirmation they are completing a valuation on 29th. Have you had any news?  

Megandlg

Megandlg said:

So good to be seeing movement now!
our application was made on 5/8/20. 

Assessed yesterday (3/9/20). Query made re my employer address (council so lots of different offices), and valuation instructed. MA advises that if valuation is instructed, we are pretty much home and dry 😀. She will check next week for a date of when it will be done. 

Just starting to feel hopeful now! 

Further update from me:-
7/9/20- MA was advised by Platform that valuation & survey would be completed that day, and if all fine, the offer would be issued the next week. 

10/9/20- I received survey report, with house valued at purchase price. 

11/9/20- MA confirmed Platform had uploaded the valuation figures and again waiting ‘to be assessed’. 

14/9/20- MA spoke to Platform who said would be looked at by close of business the next day & had been allocated to an underwriter as a task. If acceptable, should go straight to offer. 

16/9/20- MA has escalated case to Platform as still no response. Should be looked at within 48hrs (fed up of hearing this now!). Platform were ‘very apologetic’. MA will update again on Fri 18th. 

Getting so frustrated now, walking around with a permanent stress headache and starting to wonder if it is all worth it.🙁

nakiwala123

Megandlg said:

Megandlg said:

So good to be seeing movement now!
our application was made on 5/8/20. 

Assessed yesterday (3/9/20). Query made re my employer address (council so lots of different offices), and valuation instructed. MA advises that if valuation is instructed, we are pretty much home and dry 😀. She will check next week for a date of when it will be done. 

Just starting to feel hopeful now! 

Further update from me:-
7/9/20- MA was advised by Platform that valuation & survey would be completed that day, and if all fine, the offer would be issued the next week. 

10/9/20- I received survey report, with house valued at purchase price. 

11/9/20- MA confirmed Platform had uploaded the valuation figures and again waiting ‘to be assessed’. 

14/9/20- MA spoke to Platform who said would be looked at by close of business the next day & had been allocated to an underwriter as a task. If acceptable, should go straight to offer. 

16/9/20- MA has escalated case to Platform as still no response. Should be looked at within 48hrs (fed up of hearing this now!). Platform were ‘very apologetic’. MA will update again on Fri 18th. 

Getting so frustrated now, walking around with a permanent stress headache and starting to wonder if it is all worth it.🙁

With those timescales, when I spoke to Platform last week, I think it was on Tuesday, they said our application was with the underwriters and that it would take up to 5 days to get a response. They had received the valuation about a week before. I called them this week on Monday afternoon and they said that we had just been approved for an offer and that it would take up to 10 days for us to receive it in the post. I will call them again next week on Monday or Tuesday to check to see if offer has been posted. It wont quite be 10 days but it gives me reassurances when I get an update on the progress of our application so I have been calling them once a week after about 2 weeks of us sending in our application. Sometimes I worry that I misheard and that we are so behind without us realising it but fingers crossed, we receive the offer early next week. 

sm77j

nakiwala123 said:

Megandlg said:

Megandlg said:

So good to be seeing movement now!
our application was made on 5/8/20. 

Assessed yesterday (3/9/20). Query made re my employer address (council so lots of different offices), and valuation instructed. MA advises that if valuation is instructed, we are pretty much home and dry 😀. She will check next week for a date of when it will be done. 

Just starting to feel hopeful now! 

Further update from me:-
7/9/20- MA was advised by Platform that valuation & survey would be completed that day, and if all fine, the offer would be issued the next week. 

10/9/20- I received survey report, with house valued at purchase price. 

11/9/20- MA confirmed Platform had uploaded the valuation figures and again waiting ‘to be assessed’. 

14/9/20- MA spoke to Platform who said would be looked at by close of business the next day & had been allocated to an underwriter as a task. If acceptable, should go straight to offer. 

16/9/20- MA has escalated case to Platform as still no response. Should be looked at within 48hrs (fed up of hearing this now!). Platform were ‘very apologetic’. MA will update again on Fri 18th. 

Getting so frustrated now, walking around with a permanent stress headache and starting to wonder if it is all worth it.🙁

With those timescales, when I spoke to Platform last week, I think it was on Tuesday, they said our application was with the underwriters and that it would take up to 5 days to get a response. They had received the valuation about a week before. I called them this week on Monday afternoon and they said that we had just been approved for an offer and that it would take up to 10 days for us to receive it in the post. I will call them again next week on Monday or Tuesday to check to see if offer has been posted. It wont quite be 10 days but it gives me reassurances when I get an update on the progress of our application so I have been calling them once a week after about 2 weeks of us sending in our application. Sometimes I worry that I misheard and that we are so behind without us realising it but fingers crossed, we receive the offer early next week. 

We also got told via our MA that we have got an offer on Monday. We haven't received any documentation yet, but my solicitor emailed me yesterday to confirm she had received our offer. So even though you are waiting 10 days to receive it in the post, if you are using a solicitor they may have received it already!

[Deleted User]

How are people contact platform directly? What information do you have to give them to identify yourself? I thought they only dealt with MA's. 

nakiwala123

DeletedUser said:

How are people contact platform directly? What information do you have to give them to identify yourself? I thought they only dealt with MA's. 

We are already Platform customers. We are porting and borrowing extra.