Platform Mortgage

nakiwala123

Deano89 said:

Sleepflower said:

ES1989 said:

Iv also just spoken to Platform. The advisor I spoke to was very helpful and advised they are currently reviewing applications from 28th August, he did advise that they are getting through 3 days worth of applications each day and said ours should be looked at next week. He also advised that our valuation has been completed but won’t be assessed until a credit handler has reviewed the file, which would imply valuations are done prior to underwriting. Finally, he mentioned that providing the case handler has everything they require, the application can usually go to offer relatively quickly, however given some of the experiences I’ve read on here I’m not sure how accurate that is. Hopefully they are getting through the backlog and slowly we can all start offering our congratulations to each other!  

That's interesting re valuation, that it's been completed but won't be assessed until credit handler has reviewed the file. Were they able to tell you what the valuation was? Was it the free valuation? We have opted to have a Home Buyers Report. I hate to think how long it will be for underwriters to start work on our file as MA submitted our application on the 11th Sept.  I'm beginning to wish we had gone with another mortgage lender as I'm reading many people in this forum are experiencing such long periods before file looked and there after. Been in the phone for two hours trying to speak to someone!!

They're no worse than any other lender to be fair, the backlog is due to covid & increased demand due to stamp duty relief which can't be helped I suppose, plenty of people on here are slating their MA's too but to be fair I wouldn't expect mine to be sat on hold for over an hour when it won't speed things up in the slightest I could just do that myself if I wanted an update, if they did that for every client they'd literally spend their life on the phone & get nothing else done (I know a few MA's personally & they're all tearing their hair out at the moment with the way things are going but that's Covid for you its brought the world to a standstill pretty much) 

I agree with this. Mostly. I guess it doesn't seem so with many other banks when you read about people with Halifax or HSBC getting through from application to offer with days or at the most a couple of weeks. I saw a chat on mumsnet with people who were amazed by Nationwide's speed in issuing offers with days of application. It makes you wonder. 

If we weren't in a fixed rate with Platform we wouldn't have ported with them knowing these timescales. We would have gone for a different bank altogether. Our buyers got their offer with 6 days of application. Tbh we might end up paying more in storage and accommodation as we don't want to lose our buyers so any saving made has been eroded by the delay in getting our application through. 

I do have to say though, they have very competitive rates so I can see why many apply to Platform. Even after the frustration of the porting we are having, we will probably switch with them in January if the current 1.47% 2 yr fix , no fee 60% LTV is still available. 

Deano89

Also last time I checked Platform were the only lender offering 90% LTV too so many people like myself had no other option but to go with them 

Bola_B

nakiwala123 said:

Deano89 said:

Sleepflower said:

ES1989 said:

Iv also just spoken to Platform. The advisor I spoke to was very helpful and advised they are currently reviewing applications from 28th August, he did advise that they are getting through 3 days worth of applications each day and said ours should be looked at next week. He also advised that our valuation has been completed but won’t be assessed until a credit handler has reviewed the file, which would imply valuations are done prior to underwriting. Finally, he mentioned that providing the case handler has everything they require, the application can usually go to offer relatively quickly, however given some of the experiences I’ve read on here I’m not sure how accurate that is. Hopefully they are getting through the backlog and slowly we can all start offering our congratulations to each other!  

That's interesting re valuation, that it's been completed but won't be assessed until credit handler has reviewed the file. Were they able to tell you what the valuation was? Was it the free valuation? We have opted to have a Home Buyers Report. I hate to think how long it will be for underwriters to start work on our file as MA submitted our application on the 11th Sept.  I'm beginning to wish we had gone with another mortgage lender as I'm reading many people in this forum are experiencing such long periods before file looked and there after. Been in the phone for two hours trying to speak to someone!!

They're no worse than any other lender to be fair, the backlog is due to covid & increased demand due to stamp duty relief which can't be helped I suppose, plenty of people on here are slating their MA's too but to be fair I wouldn't expect mine to be sat on hold for over an hour when it won't speed things up in the slightest I could just do that myself if I wanted an update, if they did that for every client they'd literally spend their life on the phone & get nothing else done (I know a few MA's personally & they're all tearing their hair out at the moment with the way things are going but that's Covid for you its brought the world to a standstill pretty much) 

I agree with this. Mostly. I guess it doesn't seem so with many other banks when you read about people with Halifax or HSBC getting through from application to offer with days or at the most a couple of weeks. I saw a chat on mumsnet with people who were amazed by Nationwide's speed in issuing offers with days of application. It makes you wonder. 

If we weren't in a fixed rate with Platform we wouldn't have ported with them knowing these timescales. We would have gone for a different bank altogether. Our buyers got their offer with 6 days of application. Tbh we might end up paying more in storage and accommodation as we don't want to lose our buyers so any saving made has been eroded by the delay in getting our application through. 

I do have to say though, they have very competitive rates so I can see why many apply to Platform. Even after the frustration of the porting we are having, we will probably switch with them in January if the current 1.47% 2 yr fix , no fee 60% LTV is still available. 

Any luck, I just spent 2 hours on the phone with a customer service advisor who mentioned that my application will be reviewed next week mid/backend. I submitted my application on 3rd August

nakiwala123

Bola_B said:

nakiwala123 said:

Deano89 said:

Sleepflower said:

ES1989 said:

Iv also just spoken to Platform. The advisor I spoke to was very helpful and advised they are currently reviewing applications from 28th August, he did advise that they are getting through 3 days worth of applications each day and said ours should be looked at next week. He also advised that our valuation has been completed but won’t be assessed until a credit handler has reviewed the file, which would imply valuations are done prior to underwriting. Finally, he mentioned that providing the case handler has everything they require, the application can usually go to offer relatively quickly, however given some of the experiences I’ve read on here I’m not sure how accurate that is. Hopefully they are getting through the backlog and slowly we can all start offering our congratulations to each other!  

That's interesting re valuation, that it's been completed but won't be assessed until credit handler has reviewed the file. Were they able to tell you what the valuation was? Was it the free valuation? We have opted to have a Home Buyers Report. I hate to think how long it will be for underwriters to start work on our file as MA submitted our application on the 11th Sept.  I'm beginning to wish we had gone with another mortgage lender as I'm reading many people in this forum are experiencing such long periods before file looked and there after. Been in the phone for two hours trying to speak to someone!!

They're no worse than any other lender to be fair, the backlog is due to covid & increased demand due to stamp duty relief which can't be helped I suppose, plenty of people on here are slating their MA's too but to be fair I wouldn't expect mine to be sat on hold for over an hour when it won't speed things up in the slightest I could just do that myself if I wanted an update, if they did that for every client they'd literally spend their life on the phone & get nothing else done (I know a few MA's personally & they're all tearing their hair out at the moment with the way things are going but that's Covid for you its brought the world to a standstill pretty much) 

I agree with this. Mostly. I guess it doesn't seem so with many other banks when you read about people with Halifax or HSBC getting through from application to offer with days or at the most a couple of weeks. I saw a chat on mumsnet with people who were amazed by Nationwide's speed in issuing offers with days of application. It makes you wonder. 

If we weren't in a fixed rate with Platform we wouldn't have ported with them knowing these timescales. We would have gone for a different bank altogether. Our buyers got their offer with 6 days of application. Tbh we might end up paying more in storage and accommodation as we don't want to lose our buyers so any saving made has been eroded by the delay in getting our application through. 

I do have to say though, they have very competitive rates so I can see why many apply to Platform. Even after the frustration of the porting we are having, we will probably switch with them in January if the current 1.47% 2 yr fix , no fee 60% LTV is still available. 

Any luck, I just spent 2 hours on the phone with a customer service advisor who mentioned that my application will be reviewed next week mid/backend. I submitted my application on 3rd August

No luck I'm afraid. I couldn't get our application escalated. No special treatment so everything is in order of receiving it. They did say they could see that their colleague had already advised us that 14 working days still stand. 14 working days is Friday this week. Fingers crossed. 

jamjo3108

Working day 35. Is with the underwriters for the 4th time MA advises offer should be sent by close of business Friday which will take us to 38 working days. 

Hopefully have heard by Friday although I’m not convinced 

nakiwala123

jamjo3108 said:

Working day 35. Is with the underwriters for the 4th time MA advises offer should be sent by close of business Friday which will take us to 38 working days. 

Hopefully have heard by Friday although I’m not convinced 

We were also told that we shall get offer by Friday. We intend to call tomorrow to check that we are still on track for that to be the case. I loathe having to go through another weekend of limbo. It hasn't been great for my blood pressure. 

louiserf

Oh I have also been told we should have an offer by Friday. I guess some underwriter is expecting to have a busy day!

I do not have very high hopes because I called last week and was told I would hear back by last Friday, and I have a feeling they'll just ask us for more information when they do eventually have a look. It would be nice if it was moving again though.

rdunn_

Our Broker advised us today that last week platform requested some further information and that their SLA is 21 working days to consider the additional information. Currently on working day 41. Never ending!

Bola_B

rdunn_ said:

Our Broker advised us today that last week platform requested some further information and that their SLA is 21 working days to consider the additional information. Currently on working day 41. Never ending!

What sort of information are they requesting?

CraftySquirrel

CraftySquirrel said:

Well I'm glad I found this thread! Our timeline as follows:

• 6 and 7 August - completed application with broker who submitted late on 7th.
• 10 August - 1st working day (Monday)
• 8 September - called broker to ask how long they were expecting applications to take. They had been told it was taking 23 working days for them to look at applications. 
• 10 September - couple of queries re bank statements and asked for proof of deposit (in another bank account hence the Q) (23rd working day, so bob on what the broker had been told)

By my calculations, today is working day 32, so fingers crossed we hear any day now based on your timeline @Megandlg
(Congratulations by the way!). Luckily this isn't holding up any part of our sale, since we are selling a leasehold and our buyer is also in the same position re mortgage etc. I just want to get cracking (and have a move date well before Christmas!!!)

Right then - just spoke to my broker who has checked and confirms what many of you already knew that 23 days is the current backlog. (He mentioned that Platform are currently the worst in this respect). 
Unfortunately, he also confirmed that once they've asked for more info, as they did with us, the clock resets back to day 0 of 23. He tells me we are now on working day 12 of the second 23 (or day 35 of 46...) so still a couple of weeks off them looking at it again. 
I asked whether they would reset again if they came back with further queries, and he said he suspected that at that point the application tends to get fast-tracked and dealt with as things are received as opposed to restarting the 23 days again, but we will see...
For us, this isn't too much of a problem as we are still waiting on searches and other legal bits and bobs, but it's still very frustrating as we don't feel like we can plan properly until the mortgage is confirmed, as clearly things can't go ahead without that.