Platform Mortgage

saw1987

We had to give 3 months also. We were also worried as our bank statements didn’t look to great. They only queried one transaction which we transferred £1000 to a family member, we gave an explanation and everything was fine. Tbh we had more of a nightmare with our solicitor we had to explain every little detail of money coming in as they request 12 months of statements before exchanging because of money laundering laws, which we weren’t aware of. all turned out good in the end just be truthful and you should be fine. 

Chicksy84

We have just applied and gave one month 

MR20

50 plus working days and still no offer. 

Chicksy84

MR20 said:

50 plus working days and still no offer. 

No way!!! That’s u real??? Have they said what the hold up is? 

MR20

I made an application to port my mortgage and have been told that due to volume of work and Covid, there's delays.

Chicksy84

Rhaea13 said:

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

Hi thanks for the update. Fingers crossed ours will be plain sailing like urs. 

How long after you answered any queStions from the underwriter if you had any did you get your offer? 

We have had valuation back and everything Satisfied, they have asked one question about a wage slip. So we responded I assume same day how long do they take in between do you know? 

claireyfairy83

If this is of any help to anyone porting (probably not) - they are working through applications submitted 21st September as of Thursday this week. When I asked last Thursday, they were on applications submitted 18th September.

We spoke to our mortgage advisor who then spoke to her contact at Platform and basically they’re not budging on the 10-12 week lead time to offer for existing customers, then it’s another 2 weeks to receive the offer.

Long story short, we’re now paying the early redemption fee and going elsewhere because the timeline is beyond ridiculous. We will borrow a little extra to cover the early redemption fee. I have also lodged a formal complaint.

Meanwhile our mortgage advisor submitted a new application to Platform for one of her clients and it was approved within a week, so basically they’re prioritising new business and forcing existing customers to wait 3+ months or pay to go elsewhere. 

We applied on 6th November and my request to instruct the valuation has been ignored 5 times now.

Basically if you can afford to take the hit on the fixed term, get out and go elsewhere.

mowgliisaG

Quick question - platform is the intermediary for the Co-Op?

also do they do valuation first or at end?

Thanks

Jamboscot

mowgliisaG said:

Quick question - platform is the intermediary for the Co-Op?

also do they do valuation first or at end?

Thanks

Hi, 
We put our application 1 week ago and our mortgage advisor was in touch to say that platform were looking to come out and do a valuation as the home report was now out of date for the property we are after. Seems to be abit quicker than most I've read on here. Here's hoping the rest is quick haha. 

mowgliisaG

Anybody know timeline for mortgage through broker not porting?? Their online service levels dont say anything. My buyer applied on 28th oct.