Lending policy
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Proof of deposit
Evidence of savings must be in the form of bank or building
society passbook held in the applicant’s name, i.e. copy of the
current value of ISA held in the applicant’s name, or a copy of the
mortgage offer if the applicant is remortgaging an existing
property to raise the deposit. The source of any lump sum credit
may be queried or proof of the build up of funds requested.
Retirement age
Platform will require details of the projected retirement age.
Platform will not accept a projected retirement age of greater than
70 years. Maximum age at the end of the term is 75.
Let to Buy criteria
With effect from 25 July 2011 we will now allow the remortgage
of a residential property to a Buy to Let, provided the applicant
is in the process of purchasing a new residential property.
In order for an offer to be issued on the Buy to Let mortgage we
will need to receive evidence of the offer for the new residential
mortgage. There will be no exceptions to this requirement.
Where the property is currently owner occupied and is now to be
rented out (i.e. Let and Buy scenario), a rental certificate or
written confirmation as to the anticipated rental figure must be
obtained from an ARLA/NAEA registered independent third party,
addressed to Platform or the packager to confirm the rental income
is sufficient to cover the 125% of the retained mortgage payment on
an interest only basis. Applicant's income must also be sufficient
to service 50% of the remaining mortgage as a commitment (added in
the affordability calculation). The maximum LTV in this scenario is
75%. Surplus rental income over and above the relevant mortgage
payment cannot be taken into account as additional income.
Existing debt consolidation
Existing non-mortgage/unsecured commitments are included within
our affordability assessment to determine the maximum loan
available.
Employed customer changing to self-employed or vice
versa - do we accept this employment history if it is in the same
line of business?
No. We may consider these cases by exception, but they are
reviewed on their own merit.
View our full lending policy
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Lending policy >