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Mortgage Lending criteria

Mortgage Lending Criteria - Platform Home Loans

Platform Home Loans

Notes: The following information is general and may not apply to your mortgage. We have not verified this information with the lender.

Ask your broker to confirm any aspects that are important to you. The main features of this mortgage will be confirmed in the Key facts Illustration. Please ask your broker for a Key facts Illustration

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Advances



Upto 500,000 75% LTV

Notes
Mortgage is Portable
This mortgage is portable which means that if you move house you can transfer your mortgage to another property, subject to terms and conditions which are available on request and will be contained in any mortgage offer.


If BBR falls below 0.50% the initial/reversionary rate will be charged at 0.50% + product rate loading.

ADMINISTRATION FEE OF 89 IS PAYABLE UPFRONT.


Interest only will no longer be available on non-advised residential mortgages.

If the mortgage is interest only Platform will require details of the repayment vehicle. Platform do not require assignment but the mortgage offer will contain a condition stating that it is the borrowers responsibility to ensure that they can repay the loan at the end of the term.


ONLINE SUBMISSION ONLY - applications must be submitted to Platform online via their click system. You can track all of your Platform applications online using clicktrack - new application tracking system.

Let to Buy : Accepted

Capital Rest Period : Daily

No gifted deposits allowed on private sales

Advances over 300K will be referred to Platforms insurers and will require an audit valuation (Platform will pay for this).

Retaining existing mortgages/Let to Buy
Applications where the applicant wishes to retain an existing mortgage/s on the former marital home, rent out the property, or owns a 2nd home will be considered. Please refer to Lender.

Family purchases
- Audit valuations no longer required on family purchases

Purchase at undervalue
- Audit valuation no longer required on purchases at undervalue
- Restricted to 75% LTV
- Only accepted on family purchase (no longer accepted on bulk purchases or corporate landlord purchases

For more information on Platform's full lending policy, please visit www.platform.co.uk and download their Policy Manual from the Literature section.

Let to Buy - Platform will lend on the new residential property.

During the early repayment charge period (See Section 10), you can make overpayments of up to 1000 each month on your mortgage without incurring an early repayment charge.
You will get the benefit of any overpayment as soon as the funds have cleared. Any overpayments will reduce the outstanding balance, once the funds have cleared, and therefore the amount on which interest is calculated.

This mortgage includes a facility for additional secured borrowing. You may apply for additional secured borrowing 6 months after completion, subject to our lending criteria being satisfied at that time. A revaluation of the property may be required. We have no obligation to agree additional secured borrowing.
If we agree additional borrowing, it will be charged at the interest rate applicable at the time.
ANY BORROWING YOU TAKE UP WILL INCREASE THE AMOUNT OF BORROWING SECURED ON YOUR HOME.

The maximum it is possible to borrow on this product is 60% of the value of the property (or the purchase price, whichever is lower). Remember that other factors will also affect how much you can borrow.

Let to Buy : Accepted
Capital Rest Period : Daily

Repayment Types


Repayment No
Endowment 75% LTV
PEP 75% LTV
Pension 75% LTV
Interest only (no RV) No
With Profits 75% LTV
Unit Linked 75% LTV
ISA 75% LTV
Split Repayment No

Fees


Arrangement : varies Can be Added
Booking : None

Early Repayment Charges
Varies

Higher Lending
None

Valuation
Basic:
upto 75,000 - 105
upto 100,000 - 115
upto 150,000 - 135
upto 200,000 - 165
upto 250,000 - 200
upto 300,000 - 225
upto 350,000 - 255
upto 400,000 - 295
upto 500,000 - 355
upto 600,000 - 420
upto 700,000 - 490
upto 800,000 - 540
upto 900,000 - 600
upto 1,000,000 - 670
upto 1,500,000 - 970
Homebuyers:
upto 100,000 - 220
upto 150,000 - 230
upto 200,000 - 235
upto 250,000 - 250
upto 300,000 - 300
upto 500,000 - 370
upto 600,000 - 405
upto 700,000 - 435
upto 800,000 - 485
upto 900,000 - 525
upto 1,000,000 - 555

Min Valuation 50000
ADMINISTRATION FEE OF 89 IS PAYABLE UPFRONT.

Valuation application fee - An Automated Valuation Model (AVM) may be used for suitable applications please refer to Lender.

Where applicable any upfront application fee should include the administration and valuation fee combined

Re-inspection fee is 40


Lenders Conveyancing Fee - 300.00 Payable on completion. Legal costs for work carried out to fulfil mortgage conditions, payable to conveyancer/solicitor. The final bill may be higher. (Payable when any work completed, estimate)
Insurance Admin - 30.00 Added to loan.
Telegraphic Transfer - 15.00 Payable on completion.
Redemption Admin Fee - 125.00 Payable on redemption. Please note that an increased fee of 225 may be payable in Northern Ireland and 260 in Scotland.
Title Management Fee - 50.00 Payable on redemption. For validating the registration of your title, retrieving and distribution of your title deeds and continuous management of title issues.
Administration Fee - 89.00 Payable upfront.

Acceptable Property Types

 
Freehold Flat No
Purpose Built Flat Yes
Converted Flat Yes
Flat Over Shop Yes
Maisonette Yes
Studio Flat Yes
Flying Freehold Yes
Thatched Refer
Timber Framed Yes
Concrete Refer
Agricultural Tie No
Flat Over 4 Storeys Refer
Listed Building Refer

Not Accepted


New Build - Please refer to lender. Minimum property valuation - 50,000

New Build Houses (property less than 24 month sold) accepted up to products maximum LTV.

New Build Flats (Mainstream only) are accepted up to 75% LTV.

Flat over Shop accepted except for properties adjacent to restaurants, public house, fast food establishments and laundrettes (please note this list is not exhaustive so refer to lender)

Studio Flat accepted by discretion of Platform Home Loans.

Coach style properties acceptable with leasehold tenure.

Private sales limited to max 85% LTV.

Crosswall construction max 75% LTV.

Flying Freehold accepted up to 15%.

100% Timber Frame not accepted but Timber Frame with brick cladding acceptable.

Please refer to lender for properties over 4 storeys or are ex local authority.

Purchase at undervalue (if acceptable) will require an audit valuation.

Commercial usage more than 25% not acceptable.

Shared access - driveway with family members acceptable.

Properties on or near to contaminated land. Valuer to confirm if it will affect saleability - If yes then property is unacceptable

On-going movement - Valuer to confirm if it is progressive/structural or requiring monitoring - If yes then property is unacceptable.

Uncapped mine shafts - If valuer says that it affects the security then the property is not acceptable.

2 kitchens allowed for residential owner occupied properties.

Ex Public sector flats - The whole block of flats must not have any balcony access.

Platform do not lend on properties that are not on the mainland (except the Isles of Wight, Skye, Anglesey and Arran).

Let to Buy normally acceptable, subject to a rental certificate confirming rental value of the existing property at 125% of the existing lender repayment

For more information on Platform's full lending policy, please visit www.platform.co.uk and download their Policy Manual from the Literature section.

Accepted Locations : England, Scotland, Wales, N Ireland

Requirements


Bank Statements No
At Least 3 Months Pay Slips Yes
P60 Yes
Proof Of Residency Yes
Life Policy To Be Assigned No
Previous Lender References Yes

Insurance
Buildings Conditional

Conditions On Loan
Min Loan 25,001
Max Loan 500,000
Max Portfolio of BTL Loans 1,000,000
Min Age 18 years
Max Age 70 years
Min Term 5 years
Max Term 40 years


Applicant:
Maximum of two applicants.

Maximum projected retirement age is 70 years.

Applicants must contribute minimum percentage personal stake deposit as per products maximum LTV.

Applications not accepted where the term of the mortgage goes beyond the applicant’s projected retirement age.

Proof of deposit is required.

Employment:
Employed applicants, 6 months employment history required – no breaks in employment.

Self Employed applicants, 3 years trading required with stable/increasing profits.
Contract workers, 12 months (same occupation).

Acceptable Documents:
Employed:
Employer must confirm employment is permanent and not under notice of termination or redundancy
Employment reference covering last 6 months from current/previous employers or latest computerised P60 and latest 2 payslips or last 2 computerised payslips provided these show a gross figure to date covering 6 months or 3 months Bank statements showing salary credits

Self Employed:
Last 2 years certified accounts or accountants certificate with 2 years figures or latest 2 years SA302 HMRC confirming Net profits
Acceptable Accountants: FCA, ACA, ICAS, ICAI, CA, ACCA, FCCA, CIMA, ACMA, FCMA, AAPA, FAPA, MAAT, AAT

Other Criteria
The lender reserves the right to carry out an audit on individual Applications.

Self employed applicants must declare the reason for self-certifying their income

Directors and family with over 25% shareholding considered as self employed

No gifted deposits allowed on private sales

Married applicants - acceptable in sole name for religious reasons where there is no
financial association of adverse history

Solicitors must be on Britannia panel
Foreign Citizens are accepted but all applicants must be UK or EU nationals. Applications can be accepted for non-UK/EU nationals provided they have been resident in the UK for the last 12 months and they have the permanent right to reside in the UK. This applies to all applicants regardless of their marital status.

Ex-Patriates Not Accepted

Power of Attorney not acceptable

2nd charges can now remain subject to availability

Housing Benefit acceptable - provided none paid in last 6 months

Occupational pension only acceptable on a status basis

If applicant currently hold a Non Conforming mortgage - No missed payments are allowed in the last 12 months on any product.

Identification
Refer to Platform for full list of acceptable ID
SA302 notice acceptable as proof of residency
SA302 notice from HMRC acceptable as proof of income and verification document
Letter from Inland Revenue confirming start of self-employment acceptable
CIS certificate and card not acceptable as proof of self-employment or list 1 ID.

You are required to take out buildings insurance as a condition of your contract.
If buildings insurance is not taken through our agreement with Legal & General, then a Building Insurance Administration fee of 30 will be payable this can be added to loan.
Foreign Citizens Accepted
Ex-Patriates Not Accepted

Income Multipliers


Based on Income > 0
4.25 + 1 or 3.75 joint

Min months in current position none
Min months in continuous service 6
Min no. of years accounts 3
Average years taken to calculate income 1
Will consider declining profit Refer

Outgoings
Lending based on affordability - please refer to Platforms website www.platform.co.uk for affordability calculator and policy manual

No minimum income for 2nd applicant required.
Income:-
Basic Income - Add 100% to income before multiply

Other Income - 2nd Job Add 100% to income before multiply (income from 2 jobs max)

Investment Income - Not accepted

Acceptable Incomes



Income from trust funds.
Occupational pension income (not accept state pension) - Only available on a full status basis.

2nd and other jobs.

Investment income.
Rental Income (Must be the residual amount once any mortgage commitment has been taken off).

Maintenance (see additional income section).

Working Tax Credits and Child Tax Credits.

Platform do not accept income derived from other benefits.

Platform do not accept income derived from foster care.
Commitments

Private School Fees - Taken into account

Bank statements showing a build up of deposit funds no longer required as standard policy. Proof of total deposit still required and evidence of build up may be requested at underwriter’s discretion.

Let to Buy - Any deposit funded from a gift or remortgage/capital raising against an existing property is not acceptable for loans over 500,000

First time buyers have to have been continuously employed by the same firm for at least 6 months prior to application.

Confirmation of the last 3 years income required for self-employed applicants for loans over 500,000

Mininum Income 15000
Hire Purchase Taken into account
Personal Loans Taken into account
Overdraft NOT Taken into account
Credit/Store Cards Taken into account
Child Maintenance Taken into account
Child Education Taken into account
Extra Income:-
Other Income - Guaranteed Add 100% to income before multiply
Other Income - Regular Add 100% to income before multiply
Other Income - Irregular Add 100% to income before multiply
Investment Income No
Mortgage Subsidy Add 100% to income before multiply
Large Town Allowance Add 100% to income before multiply
Maintenance Payments Add 100% to income before multiply
Non Contributory Pension Refer to Lender
Car Allowance Add 100% to income before multiply

Remortgage Max LTV Max% increase


Adverse Credit


CCJs/Defaults : Accept:
1) There must be no Defaultss in the last 36 months. This condition does not incur any rate loading.
Arrears : Not accepted.
Bankruptcy/IVAs : Bankruptcy/IVA not accepted.
Repossessions : Not accepted.

Any defaults registered against the applicants will be taken into account as part of the credit scoring process.