Frequently Asked Questions
Whether you're looking for advice on using Platform's online
services or would like tips on our lending policy, you'll find
answers here. Please select a question below.
Decision in Principle
(DIP):
1. I think I did something wrong on
the DIP, how do I amend this?
2. Do I need to put information on
all BTL’s in the background on the DIP?
3. I’ve submitted a DIP saying that
the applicant will pay off/consolidate any loans or credit cards
that are outstanding, however it is still falling below the
affordability criteria. Why is this?
Click:
1. Why does nothing happen when I click on
'login' or 'register for click'?
2. How can I find out if I'm already
registered on Click?
Property:
1. Does Platform accept ex public sector
properties?
2. Does Platform accept new build
properties?
3. Does Platform accept properties above/close
to commercial premises?
4. Does Platform accept flats in a block with
over 4 floors?
Applicant:
1. What is the maximum age Platform accepts
for applicants?
Mortgage type/deposit:
1. What are Platform's rules on
first time buyers (FTB)?
2. Does Platform allow purchases at
undervalue?
3. Does Platform allow builders
deposits?
4. What are Platform’s rules on
Shared Ownership?
5. Does Platform have a
maximum number of BTL properties a customer can have in their
portfolio?
6. Does Platform allow a BTL
remortgage on an inherited property?
7. Is an unencumbered BTL classed
as a purchase or remortgage?
8. Does Platform accept gifted
deposit on a buy to let?
9. What information does
Platform require for proof of income on a BTL
application?
10. What is the minimum
property valuation Platform accepts on a BTL?
11. On BTL applications, it won’t
accept ‘Other’ as the repayment vehicle?
12. Why does Platform ask for
the vendor’s name and address on applications?
13. Does Platform accept applicants
who want to remortgage their existing residential property onto a
buy to let?
Income and employment
type:
1. Does Platform accept benefit income?
2. What is Platform’s minimum income?
3. Does Platform accept Child benefit and
tax credits?
Adverse:
1. Does Platform ignore defaults?
2. What are Platform's rules on
repossession?
Flexible features:
1. How do I apply for a payment
holiday or underpayment?
2. What is the maximum number of
payment holidays/underpayments allowed in a year?
3. What methods of payment are
acceptable?
4. Is there a maximum number of
overpayments I can make?
5. Do I get the benefit of the
overpayment straight away?
6. How much notice do I need to
provide if I want to take an underpayment or payment
holiday?
7. Are these features
portable?
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Answers
Decision in Principle:
1. I think I did something wrong on the DIP, how do I
amend this?
You can make a copy of the DIP by selecting ‘make copy’ at the top
of the page, this will allow you to make amendments and rescore the
decision.
2. Do I need to put information on all BTL’s in the
background on the DIP?
No, at decision in principle
stage on the ‘credit history’ section, we are only concerned with
residential mortgages, you can add details of BTL’s at full
application stage.
3. I’ve submitted a DIP saying that the applicant will
pay off/consolidate any loans or credit cards that are outstanding,
however it is still falling below the affordability criteria. Why
is this?
Our affordability takes into account all the
information input including the purpose of the loan. Based on the
details that you have input, the case has not achieved an
acceptable score on our affordability assessment.
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Click:
1. Why does nothing happen when I click on 'login' or
'register for click'?
You have a pop-up blocker
preventing the new window from appearing. A ‘Quick fix’ for this is
to press and hold shift and Control on your keyboard whilst
clicking the link. (NB: You need Internet Explorer 8 and no yahoo
or google toolbars for our website to be fully compatible.)
2. How can I find out if I'm already registered on
Click?
If you can’t remember if you are registered
for click, then click on ‘Forgot?’ next to where you type in your
password. We will then ask for your email address to send a new
password to. If you don’t receive a new password within 30 minutes,
then you are not registered, and therefore need to follow our
online application process by clicking on ‘Register for click’.
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Property:
1. 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.
2. 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 65% for Almost Prime
and 75% 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)
3. 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.
4. 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:
1. What is the maximum age Platform accepts for
applicants?
The maximum age is 70 at the end of the mortgage term
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Mortgage type/deposit:
1. 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.
First time buyers can be offered all products except Buy to
Let.
2. 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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3. 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.
4. 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.
5. Does Platform have a maximum number of BTL
properties a customer can have in their
portfolio?
Applicants can have up to 10 properties in
total (mortgaged or unencumbered) with a maxim of 3 with Platform
and Co-operative Bank.
6. Does Platform allow a BTL remortgage on an
inherited property?
Yes, if the customer is already
an owner occupier of a property. The inherited property needs to
have been owned for at least 6 months by the current owner.
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7. Is an unencumbered BTL classed as a purchase or
remortgage?
Remortgage
8. Does Platform accept gifted deposit on a buy to
let?
Yes, a family gifted deposit is acceptable on
all our products, except a purchase at undervalue scenario and
Private Sale. Please note that we will require evidence of the
gifted deposit in the form of a Gifted letter, evidence of funds in
the gifter account.
9. What information does Platform require
for proof of income on a BTL application?
Income is not subject to verification though full
employment/self-employment details need to be disclosed. The
applicants must be in a position to support their existing
residential mortgage and other personal commitments. Rental income
for the Buy to Let property must also be a minimum of 125% of the
monthly repayment. Platform may request sight of income
confirmation in certain cases, at the underwriter's discretion.
10. What is the minimum property valuation you accept on
a BTL?
The minimum property valuation is £75,000.
11. On BTL applications, it won’t accept ‘Other’ as the
repayment vehicle?
We do not accept 'other' and the
repayment vehicle has to one of the listed options. For clarity,
sale of a second property applies where a customer is selling a
property other than their main residential property.
12. Why does Platform ask for the vendor’s name and
address on applications?
As a responsible lender we
want to make sure that we have a true picture of the application
and the people involved in the transaction.
13. Does Platform accept
applicants who want to remortgage their existing residential
property onto a buy to let?
Yes, providing that the borrower is also purchasing a
residential property. In order for an offer to be issued on the Buy
to Let mortgage, Platform will need to receive evidence of the
offer for the new residential mortgage. There will be no exceptions
to this requirement.
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Income and employment type:
1. 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
2. What is Platform’s minimum income?
Gross income of £15,000 per annum for at least one applicant for
Mainstream & Almost Prime, and £20,000 for Buy to Let. There is
no minimum income for any joint applicant.
3. Does Platform accept Child benefit and tax
credits?
We accept child and working tax credits but
not child benefit or any other benefits.
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Adverse:
1. 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.
2. 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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Flexible Features:
1. How do I apply for a payment holiday or
underpayment?
You can download a copy of the Flexible Options
Request Form > or contact 01752 236500.
2. What is the maximum number of payment
holidays/underpayments allowed in a year?
A maximum of 6 underpayments/payment holidays are permitted in a
period of 12 consecutive months. The 6 months can either be payment
holidays, underpayments or a combination of both.
3. What methods of payment are acceptable?
Our available methods of payment are by debit card or cheque.
Credit card payments are not acceptable.
4. Is there a maximum number of overpayments I can
make?
During the early repayment charge period, an early repayment
charge will be incurred if the net overpayments made in a year
exceed £12,000 or 10% (whichever is higher) of the mortgage balance
at the latest anniversary.
5. Do I get the benefit of the overpayment straight
away?
Yes (or as soon as the funds clear in cases where payment is
made by cheque).
6. How much notice do I need to provide if I want to
take an underpayment or payment holiday?
You will need to provide 14 days notice when requesting an
underpayment or payment holiday.
7. Are these features portable?
Yes, all products are portable.
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