Platform Mortgage

HC29

We have had an awful time with platform. Dishonest about the application time - it’s not 12 weeks. It’s 12 weeks plus 4 days with ‘head office’ plus two weeks.  Took our money knowing there was no chance of exchanging in the window.  Then continuous lied about timeframes until it was too late to go anywhere else.  Also misquoted us how much it would cost to leave, told it was £7.5k when it was really £3.5k so we stayed believing we couldn’t afford to leave.  I have never had a worst or more dishonest banking experience.  I’m really surprised with all the regulations a lender can get away with this.  It’s cost us £3k and going to leave someone in our chain homeless. 

Chelseals123

HC29 said:

We have had an awful time with platform. Dishonest about the application time - it’s not 12 weeks. It’s 12 weeks plus 4 days with ‘head office’ plus two weeks.  Took our money knowing there was no chance of exchanging in the window.  Then continuous lied about timeframes until it was too late to go anywhere else.  Also misquoted us how much it would cost to leave, told it was £7.5k when it was really £3.5k so we stayed believing we couldn’t afford to leave.  I have never had a worst or more dishonest banking experience.  I’m really surprised with all the regulations a lender can get away with this.  It’s cost us £3k and going to leave someone in our chain homeless. 

I assume your an existing customer porting? Can I ask when your application was received? Were having similar issues with them 

ubayd95

bluenose2 said:

ubayd95 said:

Thought I would share my experience here: 

Application submitted - 2nd Feb 
Survey instructed - 4th Feb 
Survey carried out - 11th Feb 
Update - 15th Feb (yesterday) 
Survey happened, and platform won't lend as things stand due to current ground rent provisions. Seller has an agreement in principle to extend the leasehold by 90 years, which in-turn will value the ground rent as a "peppercorn".
I am hoping that this evidence/confirmation will be okay for Platform. Anyone had something similar when purchasing a leasehold flat?

Not something completely relevant but platform conducted a survey on the home I’m buying and now require a structural engineers report in order to continue after seeing some cracks in the detached garage.

Hoping to have the report tomorrow as the checks were done today, will keep this thread updated with turnaround times.

Fair enough. I somehow need to obtain the evidence from the sellers side regarding the lease being extended. Lenders don't accept ground rent being doubled every 10 years or so and the overall ground rent cannot be more than 0.1%.
Let me know how you get on

Joiningtocomment

Chelseals123 said:

Does anyone know where platform are working to date wise with advances/porting? Were 9th December and still haven't progressed 

Our application was booked as logged in with platform early October and we got our mortgage offer through 27 January! Pretty much 16 weeks but add the 4 weeks it took us to the get to having the forms after having to have three calls with platform to apply and port. Not to mention countless issues and lies coming from them on timeline / updates etc. To the extent I told them they’ve got the law firm name wrong because I didn’t trust them and wanted to check anyway they told me they didn’t and it’s was because of this and that - I tried to tell them so this added three days because they had to re-do the paperwork. Seriously? Worse lender ever and still waiting to hear back on a complaint. They’re clearly waiting for us to complete to then say how it hasn’t been an issue but it’s still caused unnecessary stress and impact on our lives (let alone the poor chain). I know other people have been able to have an expedited process - I mean we asked but apparently we weren’t important enough?! 

ubayd95

Platform are now asking for an EWS1 form. Bit annoying how it didn't come up before. Feels like there is one thing after another with Platform at the moment. The building has no cladding whatsoever, but decking on the balcony, maybe this is why they are asking for it?
Does anyone know if it's common for building to have an EWS1?

bluenose2

ubayd95 said:

Platform are now asking for an EWS1 form. Bit annoying how it didn't come up before. Feels like there is one thing after another with Platform at the moment. The building has no cladding whatsoever, but decking on the balcony, maybe this is why they are asking for it?
Does anyone know if it's common for building to have an EWS1?

Interesting, at what point did they request it?

ubayd95

bluenose2 said:

ubayd95 said:

Platform are now asking for an EWS1 form. Bit annoying how it didn't come up before. Feels like there is one thing after another with Platform at the moment. The building has no cladding whatsoever, but decking on the balcony, maybe this is why they are asking for it?
Does anyone know if it's common for building to have an EWS1?

Interesting, at what point did they request it?

bluenose2 said:

ubayd95 said:

Platform are now asking for an EWS1 form. Bit annoying how it didn't come up before. Feels like there is one thing after another with Platform at the moment. The building has no cladding whatsoever, but decking on the balcony, maybe this is why they are asking for it?
Does anyone know if it's common for building to have an EWS1?

Interesting, at what point did they request it?

They are literally asking for it now. Feel as if I was a week or two away from ab offer. So frustrating, one thing after another. Just hoping this building has an EWS1, I don't really see why it shouldn't. 

bluenose2

ubayd95 said:

bluenose2 said:

ubayd95 said:

Platform are now asking for an EWS1 form. Bit annoying how it didn't come up before. Feels like there is one thing after another with Platform at the moment. The building has no cladding whatsoever, but decking on the balcony, maybe this is why they are asking for it?
Does anyone know if it's common for building to have an EWS1?

Interesting, at what point did they request it?

bluenose2 said:

ubayd95 said:

Platform are now asking for an EWS1 form. Bit annoying how it didn't come up before. Feels like there is one thing after another with Platform at the moment. The building has no cladding whatsoever, but decking on the balcony, maybe this is why they are asking for it?
Does anyone know if it's common for building to have an EWS1?

Interesting, at what point did they request it?

They are literally asking for it now. Feel as if I was a week or two away from ab offer. So frustrating, one thing after another. Just hoping this building has an EWS1, I don't really see why it shouldn't. 

At what point was you at? After valuation or before? 

ubayd95

After valuation, right now they value the property at 0. 

bluenose2

ubayd95 said:

After valuation, right now they value the property at 0. 

Ah that’s a pain, I hope you manage to turn it around. Sometimes I think it’s worth packing your bags and trying a different lender with all the issues I hear about platform.