Platform Home Loans
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.
Interest only will no longer be available on non-advised residential mortgages.
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.
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.
– Audit valuations no longer required on family purchases
– 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
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.
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.
Capital Rest Period : Daily
Endowment 75% LTV
Interest only (no RV) No
With Profits 75% LTV
Unit Linked 75% LTV
Split Repayment No
Arrangement : varies Can be Added
upto Ј75,000 – Ј105
upto Ј100,000 – Ј115
upto Ј150,000 – Ј135
upto Ј200,000 – Ј165
upto Ј250,000 – Ј200
upto Ј300,000 – Ј225
upto Ј350,000 – Ј255
upto Ј400,000 – Ј295
upto Ј500,000 – Ј355
upto Ј600,000 – Ј420
upto Ј700,000 – Ј490
upto Ј800,000 – Ј540
upto Ј900,000 – Ј600
upto Ј1,000,000 – Ј670
upto Ј1,500,000 – Ј970
upto Ј100,000 – Ј220
upto Ј150,000 – Ј230
upto Ј200,000 – Ј235
upto Ј250,000 – Ј250
upto Ј300,000 – Ј300
upto Ј500,000 – Ј370
upto Ј600,000 – Ј405
upto Ј700,000 – Ј435
upto Ј800,000 – Ј485
upto Ј900,000 – Ј525
upto Ј1,000,000 – Ј555
ADMINISTRATION FEE OF Ј89 IS PAYABLE UPFRONT.
Lenders Conveyancing Fee – Ј300.00 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 – Ј30.00 Added to loan.
Telegraphic Transfer – Ј15.00 Payable on completion.
Redemption Admin Fee – Ј125.00 Payable on redemption. Please note that an increased fee of Ј225 may be payable in Northern Ireland and Ј260 in Scotland.
Title Management Fee – Ј50.00 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 – Ј89.00 Payable upfront.
Acceptable Property Types
Freehold Flat No
Purpose Built Flat Yes
Converted Flat Yes
Flat Over Shop Yes
Studio Flat Yes
Flying Freehold Yes
Timber Framed Yes
Agricultural Tie No
Flat Over 4 Storeys Refer
Listed Building Refer
New Build – Please refer to lender. Minimum property valuation – Ј50,000
Bank Statements No
At Least 3 Months Pay Slips Yes
Proof Of Residency Yes
Life Policy To Be Assigned No
Previous Lender References Yes
Min Loan Ј25,001
Max Loan Ј500,000
Max Portfolio of BTL Loans Ј1,000,000
Min Age 18 years
Max Age 70 years
Min Term 5 years
Max Term 40 years
Maximum of two applicants.
Employed applicants, 6 months employment history required no breaks in employment.
Contract workers, 12 months (same occupation).
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
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
The lender reserves the right to carry out an audit on individual Applications.
financial association of adverse history
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.
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.
If buildings insurance is not taken through our agreement with Legal General, then a Building Insurance Administration fee of Ј30 will be payable this can be added to loan.
Foreign Citizens Accepted
Ex-Patriates Not Accepted
Based on Income 0
4.25 + 1 or 3.75 joint
Min months in continuous service 6
Min no. of years accounts 3
Average years taken to calculate income 1
Will consider declining profit Refer
Lending based on affordability – please refer to Platforms website www.platform.co.uk for affordability calculator and policy manual
Basic Income – Add 100% to income before multiply
Occupational pension income (not accept state pension) – Only available on a full status basis.
Rental Income (Must be the residual amount once any mortgage commitment has been taken off).
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
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
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.
Mortgages Direct is authorised and regulated by the Financial Conduct Authority
Your home is at risk if you do not keep up repayments on a mortgage or other loan secured on it.