Platform Mortgage

GJOphthal

Hi, mortgage application went in on 7/12/20, valuation and survey booked for 16/12/20, that’s all I have heard so far. Fingers crossed 

shan2627

@GJOphthal Hi, thanks for posting your update. I submitted my application on 8/12/20, they have only confirmed receipt of documents today being the 14/12. A little nerve wracking as I'd like my valuation to be booked for piece of mind too. Anybody else submitted around this time and had any updates? Thanks

GJOphthal

@shan2627 to be honest, the survey was booked this morning. They queried something about my gifted deposit on Saturday. So you’re about a day behind me, fingers crossed you hear something over the next few days, you doing 10% LTV?

shan2627

@GJOphthal Oh that's really good to hear seeing as they have been taking so long with other people's applications. How did you find out your valuation was booked? Did the agent tell you? Thank you, I really hope I hear something soon, this not knowing is the worst as I know the full process going to offer is going to be longer. Yes 10% deposit, but a quite straight forward case, no adverse credit history or anything. I hope you hear something soon too!

mowgliisaG

GJOphthal said:

@shan2627 to be honest, the survey was booked this morning. They queried something about my gifted deposit on Saturday. So you’re about a day behind me, fingers crossed you hear something over the next few days, you doing 10% LTV?

Did you have to get a letter about the gifted deposit?

GJOphthal

Yes that’s the letter I got!! Got it sorted though quite fast, didn’t hear anything back from them afterwards. @mowgliisaG 😁 @shan2627 I have gone with platform due to having lack of credit, it’s crazy isn’t it, you don’t have credit but are penalised for it! So hopefully they accept! I’ve been an emotional wreck at work, just can’t keep focused. The mortgage advisor told me when the valuation was going to be. I also got a text confirming from the company that are doing it! Keep me updated with yours!! 

GJOphthal

mowgliisaG said:

GJOphthal said:

@shan2627 to be honest, the survey was booked this morning. They queried something about my gifted deposit on Saturday. So you’re about a day behind me, fingers crossed you hear something over the next few days, you doing 10% LTV?

Did you have to get a letter about the gifted deposit?

How come? Sorry, just wondering now! It was saying it needed to be a “wet” signature, rather than electronically signed. That’s all! 

Joiningtocomment

We had to have two calls before we got to submit an application. Our application was in early October. They didn’t get a survey booked until end of November. The results are back to Platform. Oh they haven’t looked at any paperwork that they received weeks before the house survey and application hasn’t moved forward. I’ve repaid my mortgage as we’ve sold and face loss of early repayment fee (it’s too large to walk away). Feels unethical that new applications whizz through and existing customers face delay because we’re all ultimately stuck with platform. When I call up nobody can help because we can’t speak to application team directly. It’s making me extremely unwell with stress. It’s completely avoidable of platform managed workload properly internally. Why should new applications go through in 30 days vs 15-6 week process for existing. 

claireyfairy83

Joiningtocomment said:

We had to have two calls before we got to submit an application. Our application was in early October. They didn’t get a survey booked until end of November. The results are back to Platform. Oh they haven’t looked at any paperwork that they received weeks before the house survey and application hasn’t moved forward. I’ve repaid my mortgage as we’ve sold and face loss of early repayment fee (it’s too large to walk away). Feels unethical that new applications whizz through and existing customers face delay because we’re all ultimately stuck with platform. When I call up nobody can help because we can’t speak to application team directly. It’s making me extremely unwell with stress. It’s completely avoidable of platform managed workload properly internally. Why should new applications go through in 30 days vs 15-6 week process for existing. 

Not that it will probably change the outcome but have you made a complaint? We are in the same position as you, applied about a month after you. Luckily we start our final year of the 5 year fix on 1st February so have decided to absorb the 1% ERC and go with another lender. Totally agree they have existing customers over a barrel and it feels very unethical. I was told on Friday that they are allocating more staff to applications and recruiting additional staff as well so maybe the timescales will start to come down? Too late for us but might make other people's lives a bit easier (plus when we cancel we'll be moving someone else one place forward in the queue I guess).

Joiningtocomment

claireyfairy83 said:

Joiningtocomment said:

We had to have two calls before we got to submit an application. Our application was in early October. They didn’t get a survey booked until end of November. The results are back to Platform. Oh they haven’t looked at any paperwork that they received weeks before the house survey and application hasn’t moved forward. I’ve repaid my mortgage as we’ve sold and face loss of early repayment fee (it’s too large to walk away). Feels unethical that new applications whizz through and existing customers face delay because we’re all ultimately stuck with platform. When I call up nobody can help because we can’t speak to application team directly. It’s making me extremely unwell with stress. It’s completely avoidable of platform managed workload properly internally. Why should new applications go through in 30 days vs 15-6 week process for existing. 

Not that it will probably change the outcome but have you made a complaint? We are in the same position as you, applied about a month after you. Luckily we start our final year of the 5 year fix on 1st February so have decided to absorb the 1% ERC and go with another lender. Totally agree they have existing customers over a barrel and it feels very unethical. I was told on Friday that they are allocating more staff to applications and recruiting additional staff as well so maybe the timescales will start to come down? Too late for us but might make other people's lives a bit easier (plus when we cancel we'll be moving someone else one place forward in the queue I guess).

Finally today I did make a formal complaint and I’ve been told someone has to come back to me in three working days. I really doubt I’ll hear in three working days but maybe. If I could move lender I really would but we are fixed for a few more years so the ERC is way too high to give up. I wish I could boycott them. Today I was told that existing customers applications team is different to the new customer team. (Basic business - reallocate workload so that everyone is well serviced rather than people getting offers in 30 days vs 5 months). The person I spoke with (very nice) but was not able to defend the actions of Platform as they know it’s wrong themselves and it’s totally outside of their control. My mind is blown that this is acceptable from a company/bank that pride themselves on ethical values on every single part of the brand/operations. It’s extra embarrassing to have people in the chain that have managed to get the mortgage offer in record time - it makes it look like there’s an issue with our mortgage and until we have the offer we can’t exchange. It must be putting chains at risk for many people!! Good Luck with everything and your new Lender.