Mortgage Lending criteria
Product
4.19% tracker for term
Notes: We have not verified this information with the lender. Ask us to confirm any aspects that are important to you. The main features of this mortgage will be confirmed in the Key features Illustration. Please ask your broker for a Key features Illustration
Product
4.19% Tracker
base + 3.69%
Advances
Upto £350,000 60% 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.
- Mortgage is NOT for First time buyers
- Mortgage is an EXCLUSIVE product
ADMINISTRATION FEE OF £89 IS PAYABLE UPFRONT.
If BBR falls below 0.50% the initial/reversionary rate will be charged at 0.50% + product rate loading
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.
Advances over £300K will be referred to Platforms insurers and will require an audit valuation (Platform will pay for this).
Applicant must be an owner occupier
Not available in Northern Ireland
New build maximum loan - £300,000
Not available for first time buyers.
THIS MORTGAGE IS PORTABLE: If you move house you can transfer your mortgage to another property. Please refer to the Special Conditions for further information.
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.
Maximum Portfolio Size £1m total lending (maximum 3 properties - maximum £350,000 per property. Please note: Any mortgages currently held with Britannia Building Society or Co-Operative Financial Services will count towards total.
One Free standard valuation accepted per application, per customer.
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.
Buy to Let : Accepted
Capital Rest Period : Daily
Repayment Types
Repayment Yes
Endowment Yes
PEP Yes
Pension Yes
Interest only (no RV) Yes
With Profits Yes
Unit Linked Yes
ISA Yes
Split Repayment No
Fees
Arrangement : £1450 Can be Added
Booking : None
Early Repayment Charges
None
Higher Lending
None
Valuation
Basic:
Free
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 £75000
ADMINISTRATION FEE OF £89 IS PAYABLE UPFRONT.
Arrangement fee MUST be added to the loan.
An Automated Valuation Model (AVM) may be used for suitable applications please refer to Lender.
Where applicable 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)
Administration Fee - £89.00 Payable upfront.
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.
Acceptable Property Types
Freehold Flat No
Purpose Built Flat Yes
Converted Flat Yes
Flat Over Shop Yes
Maisonette Yes
Studio Flat Refer
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. Rental calculation based on 125% of the higher of pay rate or reversionary rate.
No commercial properties, ex-local authority flats, ex Ministry of Defence properties, ex Housing Association properties or specially adapted properties or properties with special or restricted uses will be considered
Accepted Locations : England, Scotland, Wales.
New Build maximum loan amount £300k.
New Build Houses are accepted up to the product maximum LTV.
New Build Flats - Not Accepted.
Ex Local Authority flats - Not Accepted.
Multiple Occupancy/Bedsit properties -Not Accepted.
Please refer to lender for properties over 4 stories.
Purchase at undervalue will require audit valuations where acceptable.
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.
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.
Properties with 2 kitchens - Not Accepted.
Tenant is to be a family member - Not Accepted.
Tenant is to be the previous owner - Not Accepted
Multiple Tenants - All occupants must be on a single AST agreement.
DSS Tenants - Not Accepted.
Platform do not lend on properties that are not on the mainland (except the Isles of Wight, Skye, Anglesey and Arran).
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
Requirements
Bank Statements No
At Least 3 Months Pay Slips No
P60 No
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 £350,000
Max Portfolio of BTL Loans £1,000,000
Min Age 25 years
Max Age 75 years
Min Term 5 years
Max Term 40 years
Multiple Property Applications -The maximum LTV will be based on each individual property, not the total of the portfolio. Assured Shorthold Tenancy required for a maximum of 12 months. For tenancies in England & Wales with a rental income of >£25,000 p.a, an AST cannot be used. In this circumstance, the standard Tenancy Agreement in the downloadable literature section of the lenders website must be used. Only 1 tenancy per property (students allowed as long as a single assured shorthold tenancy). Applicants must
currently either be owner occupiers, renting via a corporate landlord or established landlord with track Record .No DSS tenants, company lets, tenants with diplomatic immunity or multi-let properties will be considered.
The rental valuation will be assessed on the basis of a single 'family unit' letting on an unfurnished basis.
Platform only allow BTL for the remortgage of an existing BTL property or a purchase. The remortgage of an existing residential property onto a BTL is not permitted.
Platform do not lend to self-employed professional property developers or where an individual (and associates) own more than 10 properties, including the application security.
Buy to Let loans are granted for purchase of rented residential property for occupation by tenants
Maximum of two applicants.
Proof of deposit is required.
Applicants must contribute minimum percentage personal stake deposit as per products maximum LTV.
Assured short-hold tenancy required for a maximum of 12 months.
For tenancies in England & Wales with a rental income of >£25,000 p.a, an AST cannot be used. In this circumstance, the standard Tenancy Agreement in the downloadable literature section of the lenders website must be used.
Only 1 tenancy per property (students allowed as long as a single assured short-hold tenancy).
12 month employment history required - no breaks in employment.
The maximum LTV will be based on each individual property, not the total of the portfolio.
Maximum total exposure includes all loans held with Platform and the Co-Operative Bank including Houseplus and residential owner occupied properties
Purchase at Undervalue - Refer to Lender
Not available in Northern Ireland
The rental valuation will be assessed on the basis of a single 'family unit' letting on an unfurnished basis
Applicants must currently be owner occupiers
No DSS tenants, company lets, tenants with diplomatic immunity or multi-let properties will be considered.
LET TO BUY
Platform 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.
The current Let to Buy policy regarding retaining an existing residential mortgage when applying for a residential mortgage with Platform remains unchanged.
For more information on Platform's full lending policy, please visit www.platform.co.uk and download their Policy Manual from the Literature section.
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 Not Accepted
Ex-Patriates Not Accepted
Income Multipliers
Based on Income > 0
Refer to rental income calculations
Min months in current position none
Min months in continuous service 12
Min no. of years accounts none
Average years taken to calculate income none
Will consider declining profit Refer
Outgoings
Employed Applicants - Applicant must have been employed for the last 2 months.
Self Employed Applicants - Applicant must have been trading for at least 2 years.
Income details must be provided however they are not subject to verification.
For more information on Platform's full lending policy, please visit www.platform.co.uk and download their Policy Manual from the Literature section.
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.
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 £20000
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 NOT 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
Remortgage
Adverse Credit
CCJs/Defaults : Not accepted.
Arrears : Not accepted.
Bankruptcy/IVAs : Bankruptcy/IVA not accepted.
Repossessions : Not accepted.
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