Frequently asked
questions
Property
Does Platform accept ex
public sector properties?
Does Platform accept new build
properties?
Does Platform accept properties
above/close to commercial premises?
Does Platform accept flats in a
block with over 4 floors?
Applicant
What is the maximum age Platform accepts
for applicants?
Mortgage type/deposit
What are Platform's rules on first
time buyers (FTB)?
Does Platform allow purchases at
undervalue?
Does Platform allow builders
deposits?
What are Platform’s rules on Shared
Ownership?
Income and employment type
Does Platform accept benefit
income?
What is Platform’s minimum
income?
Adverse
Does Platform ignore defaults?
What are Platform's rules on
repossession?
Property
Does Platform accept ex public sector
properties?
Platform does accept ex public sector properties, however they
have the following restrictions:
Ex public
sector flats are not accepted on Buy to Let.
Ex public
sector flats in blocks > 12 units or > 4 floors are not
accepted. Where the ex public sector flats are
in blocks < 12 units or < 4 floors
they maybe considered by exception but there must be no balcony
access.
Ex MOD
properties are treated in the same manner.
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Does Platform accept new build properties?
The maximum LTV on houses/bungalows constructed or converted in
the last 24 months is 85% for Mainstream and 75% for Almost Prime
and Buy to Let. The maximum loan on a Buy to Let where
the property (house/bungalow) has been constructed in the last 24
months is £300,000 (subject to affordability/individual
product restrictions)
The maximum LTV on flats/maisonettes constructed or converted in
the last 24 months is 75% for Mainstream only. Platform does
not lend on flats/maisonettes constructed or converted in the last
24 months on Almost Prime or Buy to Let.
(Note: Platform’s definition of a new build is any property
constructed or converted in the last 24 months)
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Does Platform accept properties above/close to
commercial premises?
Platform does not accept properties adjacent to restaurants/food
outlets/public houses/launderettes or flats above/situated near
restaurants/food outlets/public houses/launderettes.
Platform does not accept flats above/situated near to any
commercial premises when the valuer’s comments are in any way
derogatory.
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Does Platform accept flats in a block with over 4
floors?
Yes. These may be considered by exception to a maximum of
8 floors.
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Applicant
What is the maximum age Platform accepts for
applicants?
The maximum age is 75 at the end of the mortgage term
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Mortgage type/deposit
What are Platforms rules on first time buyers
(FTB)?
Platform’s definition of a FTB is an applicant who has not been
an owner occupier (mortgaged or unencumbered) for the last 6 months
prior to application. An applicant who owns property on a Buy
to Let basis but is not an owner occupier will be classed as a
FTB.
First time buyers can be offered all products except Buy to
Let.
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Does Platform allow purchases at
undervalue?
Yes. However they are only considered when:
Property
is being purchased from a family member – this can be spouse, same
sex partner, parent, sibling
child, grandparents, aunts and uncles, nephews
and nieces or where there is an obvious family connection
which can be proved
The maximum loan is limited to the lower of either 100% of the
contractual purchase price or 75% LTV based on the property
value.
The vendor must not reside (either as an occupier or tenant).
Platform will require proof that the family member’s mortgage is up
to date from the existing lender.
Where an applicant is purchasing a property from an ex-spouse and
there are arrears Platform will not consider even if there is
confirmation of a separation agreement/divorce.
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Does Platform allow builders deposits?
Yes.
The personal stake the applicant must contribute is at least the
minimum percentage as per the products maximum LTV: this is in
addition to and regardless of the percentage provided by the
builder whenever this is being paid in the transaction i.e. at
completion or post completion.
The maximum loan amount is calculated based on the agreed purchase
price less the total builder deposit and any incentives less a
minimum percentage being paid by the applicants based on the
products maximum LTV (subject to affordability and scheme
parameters
Builder deposits secured by way of second charge will not be
acceptable.
Rental guarantees from builders are not acceptable.
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What are Platform’s rules on Shared
Ownership?
Platform does not allow Shared Ownership, unless the applicant
is purchasing the final share as a remortgage.
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Income and employment type
Does Platform accept benefit income?
Acceptable benefit income:
Occupational pension, Maintenance and Working and Child Tax
Credit
Platform will not accept income derived from any other benefits
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What is Platform’s minimum income?
Gross income of £15,000 per annum for at least one applicant.
There is no minimum income for any joint applicant.
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Adverse
Does Platform ignore defaults?
Any application where a default is registered within the last 3
years can not be accepted on our mainstream products, or within the
last 12 months on our Non-Conforming products.
Any defaults registered against the applicants will also be
taken into account as part of the credit scoring process.
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What are Platforms rules on repossession?
Applications where any type of repossession has been recorded
during the last 6 years can only be accepted on a Non-Conforming
product (unless the mortgage was Non-Conforming in which case the
application will be declined).
If registered over 3 years ago no further information is required
apart from details on the application form.
If registered 2-3 years ago Platform will require written
confirmation from the lender/solicitors involved that there is no
shortfall outstanding.
If registered in the last 2 years the case will be declined.
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