Platform Mortgage

GJOphthal

Hi. Applied for mortgage on 7/12/2020 - had no update yet. What’s timescales like for new applicants at the minute does anyone know? Comments from a while back obviously state weeks and weeks, is it still the same as I have heard the wait time isn’t too bad for offer to come through?

thanks!

claireyfairy83

JennyP84 said:

We are in the midst of porting our mortgage at the moment. Application was originally sent in on November 4th, and we received a letter confirming receipt. Valuation was not instructed. We then had a problem with our chain and contacted them to let them know. They said because things were taking so long with their processing, they'd just let the application run its course, because they hadn't got to it yet, and hopefully we'd find another buyer in the meantime. We've now found another buyer (for a lower amount) and apparently it will take them seven working days to call us back to even discuss what this means for our mortgage application. If it didn't cost £7,000 to get out we'd have jumped ship a while ago. 

We're porting too, applied on 6th November. I've been phoning every week since and they haven't even instructed the valuation and homebuyers despite me telling them to five times at last count. They're just useless aren't they? Our ERC drops to 1% on 1st February so we're looking to just pay that and apply elsewhere. It really annoys me how they have you over a barrel!

JennyP84

claireyfairy83 said:

JennyP84 said:

We are in the midst of porting our mortgage at the moment. Application was originally sent in on November 4th, and we received a letter confirming receipt. Valuation was not instructed. We then had a problem with our chain and contacted them to let them know. They said because things were taking so long with their processing, they'd just let the application run its course, because they hadn't got to it yet, and hopefully we'd find another buyer in the meantime. We've now found another buyer (for a lower amount) and apparently it will take them seven working days to call us back to even discuss what this means for our mortgage application. If it didn't cost £7,000 to get out we'd have jumped ship a while ago. 

We're porting too, applied on 6th November. I've been phoning every week since and they haven't even instructed the valuation and homebuyers despite me telling them to five times at last count. They're just useless aren't they? Our ERC drops to 1% on 1st February so we're looking to just pay that and apply elsewhere. It really annoys me how they have you over a barrel!

  So frustrating! We're starting to worry we'll end up missing stamp duty holiday. Good luck with the move!

mowgliisaG

I heard from our buyers MA and they say it takes 30 days from when you reload a document for Platform to look at it again. 30 days!!! That’s insane.

saw1987

mowgliisaG said:

I heard from our buyers MA and they say it takes 30 days from when you reload a document for Platform to look at it again. 30 days!!! That’s insane.

Tell them to put a chase or escalate it, it takes 4 working days, rather than the 30. We didn’t know this until last few weeks 

mowgliisaG

saw1987 said:

mowgliisaG said:

I heard from our buyers MA and they say it takes 30 days from when you reload a document for Platform to look at it again. 30 days!!! That’s insane.

Tell them to put a chase or escalate it, it takes 4 working days, rather than the 30. We didn’t know this until last few weeks 

A 30 day wait after waiting 30 days already surely can’t be right just to assess some re uploaded documents???

saw1987

mowgliisaG said:

saw1987 said:

mowgliisaG said:

I heard from our buyers MA and they say it takes 30 days from when you reload a document for Platform to look at it again. 30 days!!! That’s insane.

Tell them to put a chase or escalate it, it takes 4 working days, rather than the 30. We didn’t know this until last few weeks 

A 30 day wait after waiting 30 days already surely can’t be right just to assess some re uploaded documents???

Our mortgage advisor told us up to 30
days for them to look at new documents, but when I rang platform they told me they will put a chase on it which at the time was 4 working days to look at the new documents. I strongly recommend for your buyers to keep ringing platform themselves, we rang them
on a few occasions and they said they contacted our MA about additional information but our broker didn’t make us aware of this. So just took ages 

mowgliisaG

saw1987 said:

mowgliisaG said:

saw1987 said:

mowgliisaG said:

I heard from our buyers MA and they say it takes 30 days from when you reload a document for Platform to look at it again. 30 days!!! That’s insane.

Tell them to put a chase or escalate it, it takes 4 working days, rather than the 30. We didn’t know this until last few weeks 

A 30 day wait after waiting 30 days already surely can’t be right just to assess some re uploaded documents???

Our mortgage advisor told us up to 30
days for them to look at new documents, but when I rang platform they told me they will put a chase on it which at the time was 4 working days to look at the new documents. I strongly recommend for your buyers to keep ringing platform themselves, we rang them
on a few occasions and they said they contacted our MA about additional information but our broker didn’t make us aware of this. So just took ages 

Was it a case of your MA just didn’t tell you about extra info but had dealt with it??

Chicksy84

GJOphthal said:

Hi. Applied for mortgage on 7/12/2020 - had no update yet. What’s timescales like for new applicants at the minute does anyone know? Comments from a while back obviously state weeks and weeks, is it still the same as I have heard the wait time isn’t too bad for offer to come through?

thanks!

New business / new applications seem to be faster than expected. 

Our mortgage offer took 10 working days 
we applied 24/11/2020 and offer was with MA on the 8/12/2020
fingers crossed for you 

claireyfairy83

  So frustrating! We're starting to worry we'll end up missing stamp duty holiday. Good luck with the move!

Thanks, I hope you have better luck than us! We got a letter in response to our formal complaint today so at least they’re looking into that I guess! 

Could you not look into borrowing more with another lender to absorb the early repayment charge? We’ve done this and it wasn’t a huge difference in monthly payments.