Platform Mortgages

webminx · 18 June 2010 at 12:15PM

Hello,
Just looking for some advice, really. We're looking to get a new mortgage and a broker has recommended an attractive 2 year fixed product with Platform. Having done a little bit of research, it seems Platform specializes in mortgages for self-employed, those with credit issues and those with poor credit ratings. We're not in any of those categories - both fixed stable employed incomes, excellent credit rating etc. I am worried about going with a lender who has a relatively risky book and also a little wary of taking out a mortgage with a company I haven't heard of - sounds a little silly, and I understand it's part of the Cooperative bank, but still....
Anyone have any experience of Platform? Any thoughts on its stability/security as a lender?
Thanks,
webminx

beecher2 · 18 June 2010 at 12:33PM

I wouldn't be going for a 2 year fix personally - why are you going for such a short term deal?

webminx · 18 June 2010 at 12:37PM

Thanks for your reply, Beecher. We got a bit burned by locking into a long fixed deal just before the dip, which meant we were then "over" paying for several years, while all around us on trackers/non fixed deals were enjoying the benefits of a lower interest rate. I know it can work the other way round too, but we're reluctant to lock in for longer than 2 years as a result. Why do you think a longer-fixed would be better? Any thoughts on Platform as a lender?
Thanks,
webminx

Senior_Paper_Monitor · 18 June 2010 at 12:38PM

1) Platform (in the simplest of terms) are the broker arm of the (direct sell) co-op. They offer a range of 'mainstream' products as well as those you describe - no-one (including Platform) offers "attractive products" to other than 'prime' borrowers.

2) They are 'stable/secure' and even if they weren't, why would you worry ..... you will have their money, not them having yours !!!

The following from their website will explain some more:

Platform is the intermediary lender of The Co-operative Bank PLC. Launched in February 2003, the company was created from the merger of Platform Home Loans and Verso, both Britannia subsidiaries. Following the merger of Britannia and The Co-operative Financial Services on 1 August 2009, Platform now benefits from being part of a bigger organisation whose vision is to be the UK's most admired financial services business.

Strategy

As the intermediary lender of The Co-operative Bank p.l.c, we offer a service for intermediaries that includes the reassurance of strength and security.

Our product range offers a selection of products from Mainstream to Specialist such as Buy to Let. This means that we can meet the needs of a wide variety of borrowers, whatever their aims and circumstances. We help our intermediary customers find the right mortgage from our product range with just one application using a cascade underwriting facility. If a case fails from a credit perspective, the mortgage application can be moved down the credit scale, and offered on our Specialist range of products.

Platform is on the mortgage panel of a number of major insurance companies, broker networks and estate agency chains and our products are distributed through mortgage advisers who must be authorised, either directly or via a principle with the Financial Services Authority. They must also hold a current Consumer Credit Licence and have Professional Indemnity Insurance.

Platform is also a member of the Council of Mortgage Lenders, an associate member of the Association of Mortgage Intermediaries and NACFB – National Association of Commercial Finance Brokers.

beecher2 · 18 June 2010 at 12:40PM

I don't know anything about Platform so can't comment on that.

I think a 2 year deal will be over in a flash and you'll have to pay yet more fees very soon. Interest rates will be higher in 2 years time - that seems like a certainty - so the deals available then are likely to be poorer than now (but who knows for sure).

I take it you're not moving house and have an existing mortgage? What rate are you paying at the moment now that your fixed rate has ended?

webminx · 18 June 2010 at 12:50PM

Hi again,
Thanks for all your input. I guess you're right, senior paper monitor - we're borrowing their money, not the other way round! @Beecher2, we are moving house. Our current product has not ended, but the only offers our existing lender currently has were very poor. Taking the ERC into account, the 2year fixed deal from Platform was still very attractive.

Leon_W · 18 June 2010 at 1:40PM

Don't worry.

In my view they are a great lender with some very attractive deals at the moment which are better than High Street banks. I think the 2 year is 3.29% with free valuation from memory.

They are usually very efficient with applications and keep you updated every step of the way. Frankly, if all lenders were as good it would make my job 10X easier.

Regards

Platform Mortgages

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free