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Contact Details
1st Source Processing
(Platform Home Loans)
PO Box 141
Deeside
CH5 3YJ
Tel : 0845 330 4158
Fax : 0845 330 4159
ACCEPTABLE INTRODUCERS
1st Source Only
SERVICE/PROC PAYMENTS
Refer to MISC
BROKER PACKAGING REQUIREMENTS
Must be an established packager that deal with substantial
volumes. Also we require a Platform Home Loans Introducer
Application Form together with a copy of the packagers CCL
& MCCB - Refer to Lender
SOLICITORS
Applicants solicitor will be instructed where they are in a
firm within a minimum of 2 partners, are in the latest edition
of Waterlows solicitor directory and hold a current practising
certificate. If the applicant wish to use their own solicitor
who has less then 2 partners lender will instruct one of their
own panel solicitors
LIBOR
Rates are reviewed quarterly - December, March, June, September.
All LIBOR linked products (discounts & variable) should
include the following criteria:-
CCJ's & Arrears refer to specific product criteria
IVA's (Minor & Light Adverse Discharged or completed >1 yr. Medium
Adverse - current and satisfactory)
Minimum loan on all Platform products is 25,001 & Minimum
valuation 40,000 (except Right to Buy)
Right to Buy minimum 10,000 (extra 0.75% applied if less
than 25,000) except Northern Ireland which is 25,001.
Right to Buy Minimum Valuations < 25,001 Minimum valuation 25,000;
Loans > 25,000 Minimum valuation 30,000.
Employed |: Min 6 mths continuous employment (same occupation)
|| P60 and last 2 payslips or Employers
|| Reference covering 1 year
|| Contract Workers - 12mths (same occupation)
|| Directors and family with over 25%
|| shareholding considered as self employed
|| Self Cert - (Max loan 250,000 non-conforming)
|| (Max loan 500,000 conforming)
|| Platform will verify employment with employers
|| (employers must be listed with Directory
|| Enquires 192)
|| Reasonability test will apply on declared
|| income
Self Emp |: Minimum of 1 years trading for Conforming and 3
|| months for Non-conforming self certification,
|| 6 months trading for Non-conforming full status.
|| Self Employed Full Status - 2 yrs accounts/Accountant's
|| Certificate from chartered/certified
|| accountant or CIMA,AAT,MAAT,CPA to act
|| Bookkeepers acceptable where accompanied by
|| Inland Revenue Confirmation
|| Self Cert Applicants certification.Platform
|| will verify trading status with accountant
|| or listed Book-keeper.
|| If no accountant acts proof of self
|| employment by way of either a copy Inland
|| Revenue Correspondence, proof of National
|| Insurance Contribution, recent "Trading as"
|| Bank Statements or Construction Industry
|| Scheme registration cards are required
All |: Lenders Reference for all mtgs held in
|| last 12 mths, Previous lenders reference
|| (Does not apply to Fast Track products)
|| Second Charge Reference if over 15,000 and with
|| Non-conforming lender (Non-Conforming Only)
|| Landlords & previous landlords Reference
|| Proof of residency for 12 months.
|| Valuation
First Time Buyers:-
Non conforming only:Includes people who have not held a mortgage in the
last 12 months.
Non-conforming Self Cert Max 95% LTV & Full Status Max 95% LTV and conforming
Self Cert employed >90% LTV.
Proof of ID, Lender must see the original of one item from
each of the lists below
List A List B
Current signed passport. Vehicle Registration Document
Most recent Inland revenue Confirmation from Electoral Register
tax notification. Search.
Benefit book or most recent TV licence renewal notification.
letter from benefits agency Recent Utility Bill.
confirming the right to benefits. Most recent Bank,Building Society
HM customs and excise card or credit union statement or
Residence permit issued by Home passbook containing current address
office to EU Nationals on sight Most recent Mortgage statement.
of own country passport. Benefits book or notification
Firearms Certificate. confirming right to benefits
Current UK driving licence Current full UK driving licence.
National Insurance card with House Insurance Certificate.
either P60 or payslip. Local Authority Tax Bill.
Cheque guarantee card,credit Certificate from utilities supplier
or debit card with photo. confirming arrangement to pay for
Police warrant card. services no older than 3 months.
Tax exemption certificate. Local council rent card or tenancy
agreement.
Solicitors letter confirming recent
house purchase.
Most recent Inland Revenue tax
notification
RIGHT TO BUY
Additional Monies raised over the Purchase price must be used
for a purpose approved by the Council/Local Authority
OR
RTB Express Completion, removes requirement for deed of
postponement. 125 fee added to the loan, subject to the
following criteria
Maximum loan to 250,000
Purchase & Remortgage from other non conforming lenders
Standard, Full Status & Self Certification - Full references
will be required- No Arrears(payments missed in the last 12
Months)
Fast track - Confirmation that loan is up to date & proof
of last 6 Months payments
Subject to plan limits.Unlimited capital raising for any legal purpose
allowed to the following limits:-
Acceptable Purposes (REFER TO LENDER FOR MAXIMUM LTV)
Refinancing
Home Improvements
Capital Raising
Marital Settlement
Dependents Home - By individual consideration
Education Fees
Holiday
Holiday Home
Investment
Purchase car, boat or caravan
Medical Expenses
Working Capital
Business Start Up
Debt Consolidation
MINIMUM INCOME 7500 Per 1 Applicant
MINIMUM AGE 18/MAXIMUM AGE 70 AT APPLICATION
UK Tax Payers ||: Compulsory
Settled Arrears ||: Yes
Outstanding Arrears ||: Yes
Satisfied CCJ's ||: Yes
Outstanding CCJ's ||: Yes
Repossessions ||: Yes
Past Bankruptcy ||: Yes
Multiple Applications ||: Yes (max 4)
Loan Guarantors ||: No
Debt History ||: Yes
Diplomatic Immunity ||: No
Minimum Employment Period ||: 6 mths continuous employment (employed)
||: 3 mths continuous self-employed
||: (same occupation) no probationary period
Guaranteed Overtime ||: 100% used & added to basic
||: salary
Regular Overtime ||: 100% used & added to basic
||: salary
Commission ||: 100% used & added to basic
||: salary
Rent Allowance ||: By individual consideration
BTL : BTL mortgages are not available if the property is to be rented
to a family member.
Products over a 3 Year term will be calculated on pay rate
Products under a 3 Year term will be calculated reversionary
rate.
Acceptable Professionals :
Chartered & Certified Accountants, Doctor & Solicitor
Applicants with repossession histories can be considered on
Non-Conforming products only.
If over 3 years old - Ignored.
Between 2-3 years, subject to No outstanding shortfall & good
payment profile in last 12 months on existing mortgage / rental.
LIFE COVER REQUIREMENTS
Most major Life Companies acceptable
30 charge if lenders Buildings insurance is not taken
Where loan exceeds 300,000, 2 Valuations are required 2nd at
Platform Home Loans expense, the lower valuation is used.
PURCHASE
Main Residence
Second Home Flat / House - only if occupied - No
Home for dependent - No
Holiday Home - No
Do not lend on flats above food outlets or shops with a late licence
Will only consider A1/A2 type shops.
TENURE
Freehold House
Leasehold House / Flat
Feuhold House / Flat
Flying Freehold Flat / House - Only on a property where a
flying freehold affects less
than 15% of whole
Lease Terms - 50 years unexpired at application and 25 remaining
at the end of the term (England & Wales)
For Scotland & Northern Ireland 99 years unexpired at application.
NHBC required if property less than 10 years old
CONSTRUCTION
Conventional Construction
Brick on Wood (House)
Concrete Flat / House - Refer
Timber Framed House - (if 100% No)
PROPERTY
Flat over Shop - refer
Flat upto 4th floor
OTHER
Studio Flat/House - Refer
Converted Flat
2 or more kitchens - No
Less than 10 yrs old (No NHBC) - Refer
One Bedroom Flat / House
2-6 Bedroom Flat / House
7 plus Bedroom Flat / House - Refer
Thatched House - Refer
House with no inside WC - No
House with no bathroom - No
Back to Back - refer
LOCATION
England, Mainland Scotland, Wales, Northern Ireland.
Inc VAT.
NB: There is a 15 Surcharge on the valuation fees on all
Buy To Let products. Refer
0 - 75% ||: Nil
75.01 + ||: 6.95%
MIGP is known as Higher Percentage Advance Fee and
can be added to loan. Where MIG'S are payable,Minimum charge
payable is 150.
Bridging Finance ||: No
Drawdown Facility ||: No
Equity Release ||: No
Self Build ||: No
Shared Ownership ||: No
Top Ups ||: No
Further Advances ||: Yes
Split Loans ||: No
Negative Equity ||: No
Legal Fees Package ||: 295 use lenders panel +
||: disbursements & VAT
Secured Loans ||: No
Semi Commercial Loans ||: No
Commercial Loans ||: No
Second Charges ||: Yes
Minimum Term ||: 10 years
Maximum Term ||: 30 years
Lenders Reference Fee ||: 40 + VAT
Telegraphic Transfer ||: 45
RETENTION OF EXISTING MORTGAGE
Where clients wish to retain their existing mortgage and
purchase a new property in which to reside, the following
criteria will now apply:-
1. Status only. No self certification
2. The existing mortgage must not have any arrears in the last
12 mths
3. There must be an acceptable reason for the retention i.e. a
marital home where the ex-spouse will reside
4. Sitting Tenant/Family Purchase at value
5. Corporate landlord i.e no private landlords
6. The tenant has been resident for more than 2 years
Loan Purpose - House Purchase or Remortgage for any purpose
Purchase -based upon the lower of purchase price or valuation
(except RTB's) with family exceptions considered (proof of
family connection may be required).
In the case of a family/relation purchase, we need to be
satisfied that the parents/relations will not reside in the
property, and the transaction does not represent a refinancing
of a non-performing family/relations mortgage
Partial Redemption
A Proportional early redemption charge will be made.
(Does not apply to Fixed Rate Products)
Housing Benefit
Housing benefit is no longer treated as missed payments when considering
an applicants arrears.Applicants must still have been off housing
benefit for 6 months.
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