Platform mortgage lending criteria

We have not verified the information with the lender. You should not rely on this information. If you have an area of concern then please ask us.

Platform mortgage lending criteria

Mortgage Advances

Up to £2,000,000

Notes

Illustration Type = ESIS.

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.

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

from the Literature section.

APPLICANTS - Maximum of two.

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

DISTRIBUTION - Only available to Authorised Representatives.

LOCATIONS - England, Scotland, Wales.

ONLINE SUBMISSION ONLY

FREE STANDARD VALUATION - One Free standard valuation accepted per application, per customer.

Platform may undertake an AVM where appropriate and if an AVM is completed the outcome is final

You will receive cashback when you complete your mortgage. £250 will be sent to your Solicitor along with completion

funds.

During the early repayment charge period, overpayments can be made up to 10% of the outstanding mortgage balance

on last anniversary or account open date without incurring an early repayment charge. Overpayment payments that

exceed 10% of the outstanding mortgage balance on anniversary or account open date within any contractual year will

incur an early repayment charge.

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.

Capital Rest Period : Daily

Repayment Types

Repayment Yes

Endowment No

PEP No

Pension No

Interest only (no RV) No

With Profits No

Unit Linked No

ISA No

Split Repayment No

Fees

Arrangement : £varies Can be Added

Booking : None

Early Repayment Charges

varies 10% capital repayments allowed per year without penalty

Higher Lending

None

Valuation

Basic:

Free

Homebuyers:

up to £100,000 - £140

up to £150,000 - £175

up to £200,000 - £213

up to £250,000 - £220

up to £300,000 - £231

up to £400,000 - £270

up to £500,000 - £314

up to £600,000 - £370

up to £700,000 - £401

up to £800,000 - £440

up to £900,000 - £484

up to £1,000,000 - £535

up to £1,250,000 - £550

up to £1,500,000 - £536

up to £1,750,000 - £709

up to £2,000,000 - £799

up to £2,250,000 - £810

up to £2,500,000 - £829

up to £2,750,000 - £850

up to £3,000,000 - £869

Special:

up to £100,000 - £376

up to £150,000 - £402

up to £200,000 - £432

up to £250,000 - £438

up to £300,000 - £450

up to £400,000 - £466

up to £500,000 - £505

up to £600,000 - £575

up to £700,000 - £595

up to £800,000 - £625

up to £900,000 - £634

up to £1,000,000 - £690

up to £1,250,000 - £844

up to £1,500,000 - £1005

up to £1,750,000 - £1204

up to £2,000,000 - £1409

up to £2,250,000 - £1529

up to £2,500,000 - £1649

up to £2,750,000 - £1769

up to £3,000,000 - £1888

Min Valuation £75000

Fees can not be added above max LTV

For more information on Platform's fees, please visit www.platform.co.uk/literature and download the Tariff of Charges

from the Intermediary section.

ARRANGEMENT FEE - Where an arrangement fee is applicable it can be added to the loan.

RE-INSPECTION FEE- £40.

VALUATION FEE - Where a valuation fee is applicable it is payable on application. Home Buyer valuation fee is an

Additional Fee.

Repayment of Cashback - £250.00 Payable on early redemption.

Lenders Conveyancing Fee - £0.00 Payable on completion. This non-refundable fee will cover your legal representative's

costs for acting on our behalf, as the lender, as well as acting for you, the borrower. Payable to your legal representative,

usually at the time of completion, the cost can vary, typically depending on the complexity of the transaction. You should

ask your legal representative for full details.

Title Management Fee - £50.00 Payable on redemption. This covers validating the registration of your title deeds with the

Land Registry and

on-going management of title issues. It also covers the cost of retrieving and

distributing your deeds/stored documents from the storage facility, corresponding with

all interested parties and overseeing their return. This fee is payable when your

mortgage is redeemed.

Acceptable Property Types

Freehold Flat No

Purpose Built Flat Yes

Converted Flat Yes

Flat Over Shop No

Maisonette Refer

Studio Flat Yes

Flying Freehold Refer

Thatched Refer

Timber Framed Yes

Concrete Refer

Agricultural Tie No

Flat Over 4 Storeys Refer

Listed Building Refer

Right to Buy

Not Accepted

New Build acceptable.

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

from the Literature section.

ACCEPTABLE SECURITIES - Standard construction, fully repaired PRC , Laing Easi Form, Concrete No Fines,

crosswall construction and timber frame with brick exterior.

CROSSWALL CONSTRUCTION - Max 75% LTV.

MINIMUM VALUATION - £75,000

NEW BUILD - A new build property is defined as, a property built or converted in the last 24 months or never occupied

since construction/conversion.

For new build properties where the security has been built under supervision and does not benefit from an approved

Bank warranty scheme, the acceptable qualifications has been updated to reflect the UK finance lender handbook

approved list across the industry.

EX PUBLIC SECTOR FLATS - The whole block of flats must not have any balcony access.

FLYING FREEHOLD - Accepted up to 15%.

LOCATIONS - England, Scotland, Wales. Platform do not lend on properties that are not on the mainland (except the

Isles of Wight, Skye, Anglesey and Arran).

ONGOING MOVEMENT - Valuer to confirm if it is progressive/structural or requiring monitoring - If yes then property is

unacceptable.

STUDIO FLATS - Accepted at the discretion of the underwriter.

UNCAPPED MINE SHAFTS -Unacceptable If valuer says that it affects the security.

UNACCEPTABLE SECURITIES - Flats above/situated near restaurants/food outlets/public houses/launderettes.

FLATS OVER 4 STOREYS- Limit is 10 floors.

Flats in a block of up to 15 floors will be acceptable for prime London post codes. For all other post codes we will

continue to allow flats in a block of up to 10 floors.

Flats in a block of up to 15 floors will be acceptable in the following post code areas:

Prime London Postcode Area

N1, N1C, NW1, E1W, E14, EC, SW1, SW3, SW5, SW6, SW7, SW10, W1, W2, W7, W9, WC

We will accept Leasehold Maisonettes but we will not accept Freehold Maisonettes.

Accepted Locations : England, Scotland, Wales

Requirements

Bank Statements 1 months

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

Min Loan £400,000

Max Loan £2,000,000

Max Portfolio of BTL Loans none

Min Age 18 years

Max Age 75 years

Min Term 6 years

Max Term 40 years

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

from the Literature section.

APPLICANTS - The maximum Age at expiry of mortgage term is 75 or the applicant’s intended retirement age whichever

is lower. Anything outside of this will be considered by exception only. Married applicants acceptable in sole name

for religious reasons where there is no financial association of adverse history. 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.

UK RESIDENCY DEFINITION – the applicant must have been in the UK for at least 24 month’s with indefinite rights to

remain. This applies to all products and all applicants regardless of marital status.

FIRST TIME BUYER - Our definition of a First Time Buyer - An applicant, or applicants if it is a joint application, who

have never acquired an interest in property anywhere in the world.

BUILDING INSURANCE FEE - If buildings insurance is not taken through Legal & General, then a Building Insurance

Administration fee of £30 will be payable that can be added to the loan.

COMMISSION ONLY - Where the applicant is employed on a commission only basis, 2 years computerised P60 figures

are required as a reference.

CONTRACT WORKERS - 12 months (same occupation).

DEPOSIT - Proof of deposit is required. Gifted deposit is not acceptable .

EMPLOYED APPLICANTS - evidence of 6 months employment history. The employment history has to be in the same

line of business with no gaps.

-Basic income applicant only: the latest 3 months payslips plus the latest full bank statement

showing the showing the salary credit going into the account.

-Applicant where commission, bonus or overtime declared: an employer reference plus latest full bank statement

showing salary credits going into the account.

POWER OF ATTORNEY - Not acceptable.

SOLICITORS - Must be on Britannia panel

Previous employment references are no longer required regardless of length with employer.

FIXED TERM CONTRACTS

- Applicant must have a 12 month contract with at least 6 months unexpired (if less than 6 months, confirmation of

renewal will be required).

- If an applicant has had 2 consecutive 6 month contracts at the same company, the case will not be accepted (all

applications)

- References confirming the applicant is on a 12 month contract are required. If less than 6 months unexpired, then

confirmation of renewal will also be required (Mainstream / Almost Prime cases only).

SELF-EMPLOYED APPLICANTS

1. Where profits are increasing over the 3 year period, we will use either the average over the 3 years or the latest years

profit whichever is the lower

2. Where profits have reduced, the case will be declined

Gifted deposits are acceptable providing that the deposit is being funded by a non-repayable gift from a family member

-spouse, partner, parent, sibling, child, grandparent, aunt/uncle, nephew/niece, or where there is an obvious family

connection which can be proved. The donor will be required to sign an appropriate declaration and may be required to

evidence available funds.

FOREIGN CITIZENS -All borrowers must have an unrestricted right to live and work permanently in the UK. The

mortgage applicant(s) must usually be resident in the UK or Guernsey at the time of application and at least one of the

applicants must be permanently residing or planning to reside in the property when the mortgage completes. We do not

offer mortgages for ex patriots.

Builders’ incentives allowed up to 5% of the purchase price.

Registered bodies for Professional mortgages:

Accountants:

Institute of Chartered Accountants England & Wales

Institute of Chartered Accountants Scotland

Chartered Institute of Management Accountants

Association of Chartered Certified Accountants

Chartered Institute of Public Finance and Accountancy

Architects:

Royal Institute of British Architects

Actuaries:

The Institute and Faculty of Actuaries (IFoA)

Barristers:

The Bar Council

Chartered Surveyors:

Royal Institution of Chartered Surveyors (RIC

Dentists:

General Dental Council

Medical Doctors:

General Medical Council

Optometrists

The General Optical Council

Pharmacists:

General Pharmaceutical Council (GPhC)

Solicitors:

Law Society of Scotland

Law Society of England & Wales

Law Society of Northern Ireland

Veterinarians:

Royal College of Veterinary Surgeons

Foreign Citizens Refer

Ex-Patriates Not Accepted

Income

Based on Income > 0

4.75 + 0 or 4.75 joint < 60% LTV

4.49 + 0 or 4.49 joint

Min months in current position none

Min months in continuous service none

Min no. of years accounts 2

Average years taken to calculate income 2

Will consider declining profit Refer

Outgoings

Loan to Income Multiple is 4.85 x sole or joint income (where LTV is <= 70% (including any fees added to loan) and

subject to a disposable income of at least £125). 4.49 x sole or joint income will be used when this criteria has not been

met.

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

from the Literature section.

ACCEPTABLE INCOME - Basic, 2nd job, trust fund, occupation pension, Rental Income (Must be the residual amount

once any mortgage commitment has been taken off), Working Tax Credits and Child Tax Credits.

Stipend income – Stipend income as acceptable income source to support the mortgage. Stipend income cannot be the

only form of income on an application and must be supported alongside the main income or another source of income.

What is Stipend income?

A stipend (sometimes called benevolence income) is a payment made on a regular basis by an employer or organisation,

to cover basic costs of living, petrol and phone costs. These can include those studying for a PhD, charity workers and

clergy.

PROOF OF INCOME EMPLOYED

- Basic income applicant only: the latest 3 months payslips plus the latest full bank statement showing the showing the

salary credit going into the account.

- Applicant where commission, bonus or overtime declared: an employer reference plus latest full bank statement

showing salary credits going into the account.

PROOF OF SELF EMPLOYED INCOME

-2 years trading

-2 years accounts/SA302s or fully completed Accountant’s Certificate required

-The latest full month’s bank statement will be required on all applications.

OTHER GUARANTEED INCOME -

- Percentage of other guaranteed income taken into account for affordability will differ

depending on the source of income.

- 50% of Trust funds

- 50% investment of dividend income

- 50% of Working Tax Credits

- 50% of Child Tax Credits

- 100% Disability / Living Allowance

- 100% Occupational Pension Income

- 100% State Pension Income

- 100% 2nd Job

- 100% Self-Employed Income*

- 100% Maintenance

* Income must comply with self-employed lending criteria & be evidenced accordingly

AFFORDABILITY - Lending based on affordability - please refer to Platforms website www.platform.co.uk for affordability

calculator and policy manual

COMMITMENTS - Hire purchase, personal loans, credit/store cards, private school fees and child maintenance taken

into account.

DEPOSIT - Proof of total deposit required and evidence of build up of funds may be requested at underwriter’s

discretion.

MINIMUM INCOME - £15,000 (No minimum income for 2nd applicant).

PROOF OF MAINTENANCE INCOME – The last three months bank statements showing maintenance payments

received in each of the last three months. Where the maintenance received varies, income will be based on the lowest

figure received on the Bank statements, payments should be consistent and any fluctuations will need to be clarified and

understood.

Minimum Income - Single £15000

Hire Purchase Refer to lender

Personal Loans Refer to lender

Overdraft Refer to lender

Credit/Store Cards Refer to lender

Child Maintenance Refer to lender

Child Education Refer to lender

Extra Income:-

Other Income - Guaranteed Refer to Lender

Other Income - Regular Refer to Lender

Other Income - Irregular Refer to Lender

Investment Income Add 50% to income before multiply

Mortgage Subsidy Refer to Lender

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 Refer to Lender

Adverse Credit

CCJs/Defaults : Accept:

1) Max £500.00 in Defaults unsatisfied. There must be no Defaults in the last 12 months. This condition does not

incur any rate loading.

2) Max £100.00 in CCJs. These must be fully paid. This condition does not incur any rate loading.

Ignore:

1) Defaults registered 73 months ago or over.

Arrears : Accept:

1) Max 1 missed payment in the last 12 months. This condition does not incur any rate loading.

Bankruptcy/IVAs : Accept:

1) IVA must be discharged at least 6 years prior to application. This does not incur any rate loading.

2) Bankruptcy must be discharged at least 6 years prior to application. This does not incur any rate loading.

Repossessions : Not accepted.

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