Platform Mortgage

Rhaea13

Hello everyone, 
Thought I’d tell everyone about my experience so far and will give updates as and when I have them.
Context: we are buying through the equity of our sale of our house sale on a completely new mortgage so not porting.
We submitted our application via our MA on Friday Friday 20th at around 5pm and by Monday morning at 10am our MA responded with this:
‘Platform are quicker then expected and have already assessed your documents & application. The valuation for the property is being carried out today (24th), that will take 48 hours to come back in then another 48 hours to be assessed by the underwriter’

Worth mentioning our MA annotated our bank statements for anything Platform may query as he was aware they like to pick apart bank statements. 

The only question Platform have had so far was about whether my partner commuted to his place if work. 

Fingers crossed my MA is right with the timescales platform have told him! 

Jadek

Hi all, 
My partner and I are FTBs and had our mortgage offer from Platform approved on 2nd September (we applied on 4th August so in hindsight that seems like a pretty fast turnaround, although at the time it felt excruciating!). We were finally due to exchange last Friday, with the intention of completing tomorrow. Exchange didn't happen and I got a call first thing on Monday morning to say that (after nine loooong months) the seller had pulled out. I've been through all of the emotions this week and tomorrow we're going to view four properties. I'm trying not to get my hopes up at all, but also trying to be pragmatic in working out what our options are and what position we are in.
Our mortgage offer expires at the end of January (and with the best will in the world I'm under no illusions that we would get another purchase through by then!). After speaking to my broker he has confirmed that Platform will automatically extend it until the end of February, and then for a further three months after that but at that point we'd need to resubmit payslips etc. 
So I'm wondering if anyone has any idea on how long the turnaround time for getting our mortgage offer updated to a new property is likely to take? Will we be treated like a new application, or are variations different? Obviously we will need a new valuation - how long are those taking to book at the moment? And do Platform have the option of upgrading to a homebuyers survey at the same time? We got it done separately before but I'm inclined to get them all done in one go if that's a possibility. 
This may all be a moot point and we might not find another suitable property for ages yet, but I like to be prepared...

Chicksy84

Hi everyone, 
been reading lots of posts from you. 

Think the more I read the more I drive myself mad! 

We are first time buyers, AIP with platform Monday 23/11/2020. 

Application fully submitted 24/11/2020
Documents requested( recent bank statement and 3 months wage slips) 
all submitted today and also the vendor called and said that they have instructed a valuation to be booked!! 

All seems great... will this mean now we are in the que once documents are reviewed and we just have to dig deep for some patience? 

[Deleted User]

Anyone else noticed platform have removed their "average offer time" from their website. 

Rhaea13

Rhaea13 said:

Hello everyone, 
Thought I’d tell everyone about my experience so far and will give updates as and when I have them.
Context: we are buying through the equity of our sale of our house sale on a completely new mortgage so not porting.
We submitted our application via our MA on Friday Friday 20th at around 5pm and by Monday morning at 10am our MA responded with this:
‘Platform are quicker then expected and have already assessed your documents & application. The valuation for the property is being carried out today (24th), that will take 48 hours to come back in then another 48 hours to be assessed by the underwriter’

Worth mentioning our MA annotated our bank statements for anything Platform may query as he was aware they like to pick apart bank statements. 

The only question Platform have had so far was about whether my partner commuted to his place if work. 

Fingers crossed my MA is right with the timescales platform have told him! 

UPDATE:

So long story short we got our Mortgage Offer yesterday. It only took us A WEEK! I’m SO surprised as I was concerned having read this form!

Top tips for speed:
1. Either yourself or your MA Annotate THE LIFE out of your bank statements saying what pretty much everything is. To reduce the likelihood of them asking as Platform are known for picking statements apart. My MA knew this and so was already ahead of the game! 

2. Ensure your MA is absolutely on it.
3. Make sure you and your MA know Platforms lead times. After valuation they should update you within 48 hours and following that from the underwriters within 48 hours after that. If they break these SLA’s then you have every right to escalate it to the manager and have it marked as urgent - our MA did this. 

Our MA is the absolute best and souly responsible for getting our offer so quick! Can’t recommend him enough.
his email is : brian@imabristol.co.uk
if you contact him make sure you say that I, Rhaea Lee, recommended you to him I’m not affiliated with him but would like him to know how amazing he is by people going to him through recommendation. He responded to every email within minutes and was always there to pick up the phone to - although that was hardly needed. Knows his way around the market like the back of his hand!

Anyhoo. Will update once we get to exchange if there are any issues with funds being drawn

MiamiHeat90

Have fallen in love with a house and had an offer accepted, as FTB on a joint application with my wife.
However, my bank statements are not the best, despite affordability not being an issue, and would likely cause an issue.

I have read Platform typically only request 1 month of statements. How many months worth of statements has everyone been required to give that has recently gone through the process?

Many thanks.

[Deleted User]

MiamiHeat90 said:

Have fallen in love with a house and had an offer accepted, as FTB on a joint application with my wife.
However, my bank statements are not the best, despite affordability not being an issue, and would likely cause an issue.

I have read Platform typically only request 1 month of statements. How many months worth of statements has everyone been required to give that has recently gone through the process?

Many thanks.

4. Applied in July, so sent them June, May and April's payslip. I was furloughed at the time and returned part time in July and full time in September. They were so slow in assessing documents that they requested my September payslip too, after they failed to verify my return to work letter from my employer, as they phoned work up and the person Platform needed to speak to wasn't there. 

MiamiHeat90

DeletedUser said:

MiamiHeat90 said:

Have fallen in love with a house and had an offer accepted, as FTB on a joint application with my wife.
However, my bank statements are not the best, despite affordability not being an issue, and would likely cause an issue.

I have read Platform typically only request 1 month of statements. How many months worth of statements has everyone been required to give that has recently gone through the process?

Many thanks.

4. Applied in July, so sent them June, May and April's payslip. I was furloughed at the time and returned part time in July and full time in September. They were so slow in assessing documents that they requested my September payslip too, after they failed to verify my return to work letter from my employer, as they phoned work up and the person Platform needed to speak to wasn't there. 

How many bank statements though?

Sav_xoxo

MiamiHeat90 said:

Have fallen in love with a house and had an offer accepted, as FTB on a joint application with my wife.
However, my bank statements are not the best, despite affordability not being an issue, and would likely cause an issue.

I have read Platform typically only request 1 month of statements. How many months worth of statements has everyone been required to give that has recently gone through the process?

Many thanks.

We applied in September and had to give 3 months worth of statements. 

[Deleted User]

MiamiHeat90 said:

DeletedUser said:

MiamiHeat90 said:

Have fallen in love with a house and had an offer accepted, as FTB on a joint application with my wife.
However, my bank statements are not the best, despite affordability not being an issue, and would likely cause an issue.

I have read Platform typically only request 1 month of statements. How many months worth of statements has everyone been required to give that has recently gone through the process?

Many thanks.

4. Applied in July, so sent them June, May and April's payslip. I was furloughed at the time and returned part time in July and full time in September. They were so slow in assessing documents that they requested my September payslip too, after they failed to verify my return to work letter from my employer, as they phoned work up and the person Platform needed to speak to wasn't there. 

How many bank statements though?

I do apologise. I completely mis read your post. I gave three months of bank statements