Quick stats

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16-day submission time

That's the average time taken across the 25 lenders we've measured.

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Borrow 4.85x your income

You could borrow up to this amount if you meet the lender's requirements.

About Platform

Launched in 2003, Platform is an ethical and socially conscious mortgage service and is part of The Co-operative Bank plc.

As well as providing a range of different mortgage options, including help to buy, buy-to-let, fixed and tracker rate mortgages, Platform works closely with charities and organisations to give back to communities across the UK. 

Platform mortgage deals are available to a wide range of people, but they generally won’t lend to you if you have particularly bad credit.

We’ve reviewed some of the UK’s top mortgage lenders and measured their service, application speed and affordability. 

In this review we’ll cover:

All information on this page was up to date as of August 2019.

Is Platform a good mortgage lender?

There are many ways to measure how good a lender is. We've chosen to focus on publicly available complaints data to estimate their quality of service.

We looked at Platform Mortgage’s customer complaints record between July and December 2018.(1) During this period, the Financial Conduct Authority (FCA) received 877 officially upheld complaints. That’s just under 0.5% of customers, which is ever so slightly higher than the 0.4% average across the major lenders*.

*The number of customers served by this lender isn’t publicly available so we’ve estimated this figure based on market share and average house price in the UK.

How long does a Platform mortgage application take?

During the last six months, the average speed that Platform processed a Trussle customer’s successful mortgage application was 16 days.* That’s the same as the 16-day average across all the lenders we’ve submitted applications to.

Bear in mind that the speed of application will vary depending on your own personal circumstances and the lender’s present day-to-day performance. In some cases, applications can be approved by the lender within 24 hours, while some can take weeks or even months. This can also be impacted by the quality of the application submitted, which is why you may want to consider using a mortgage broker. The average quoted speed therefore may not reflect your own experience.

How much could I afford to borrow from Platform?

The amount you can borrow for a mortgage can vary. Platform could lend up to a maximum of 4.85 times your income before tax, depending on your financial circumstances.

You’ll find Platform’s mortgage calculator on their website – this will give you an estimate of how much you may be able to borrow.

Frequently asked questions (FAQs)

What types of mortgages do Platform offer?

Platform offer three main types of mortgage: residential, buy-to-let and help to buy. 

Platform residential mortgages

You can choose from two, three and five year fixed-rate mortgages and a selection of two year tracker mortgages. With the fixed-rate option, you’ll pay the same amount of interest for a set period of time. A tracker mortgage’s interest rate will coincide with the Bank of England base rate so may change.

Platform buy-to-let mortgages

For those looking to buy a property to rent out, Platform offers three mortgage types:

  • Standard buy-to-let mortgage range: minimum loan value of £25,001, maximum loan value of £350,000.

  • Premier buy-to-let mortgage range: minimum loan value of £350,001, maximum loan value of £500,000.

  • Let-to-buy mortgage range: designed for the remortgage of a residential property to a Buy-to-Let. 

Platform help to buy mortgages

Platform offers Help to Buy: Shared Equity scheme mortgages for first time buyers in England and Wales.

How long is a Platform mortgage offer valid for?

Platform mortgage offers are valid for six months from the date of application, however if there are construction delays on the property the lender may be able to issue a revised offer for a further three months.

Do Platform credit check after a mortgage offer?

If new information comes to light later on, Platform may need to credit check again and recalculate whether you can afford the mortgage.

They could withdraw their offer.

When is my first mortgage payment to Platform due?

Following the completion stage, Platform will confirm the amount of initial interest they’ll charge you, and when the payment will be taken.

How much can you overpay on a Platform mortgage?

You can make overpayments of up to 10% of your outstanding balance on Platform’s fixed-rate mortgages without incurring an early repayment charge (ERC), however some older mortgages allow up to £1,000 per month. 

Details of how much you can overpay will be contained in your mortgage’s T&Cs. 

Updated September 2019.

Do Platform offer mortgage payment holidays?

If you have a flexible mortgage account you might be able to take a payment holiday. Contact Platform directly to discuss your options.

What will happen when my Platform mortgage deal ends?

When your mortgage deal expires it’ll revert to Platform Standard Variable Rate (SVR). There’s the option to change your mortgage rate before the deal ends, but this may result in an early repayment charge.  Contact the lender directly to discuss your options.

Where can I find Platform mortgage reviews?

You can find reviews of Platform’s mortgages on a range of consumer review sites and forums, including TrustPilot and Moneysavingexpert.com.

What insurance do Platform require me to have?

In order to help safeguard the lender’s investment in your home, they will always require you to take out buildings insurance on the property. 

Contents insurance isn’t compulsory but is highly recommended.

Did I have PPI on my Platform mortgage?

To find out if you were sold PPI, check your mortgage agreement. It’s likely that you’ve been sold it if the document contains any of the following terms:

  • Payment cover

  • Protection plan

  • Loan protection

  • ASU

  • Loan care

The FCA deadline for PPI complaints was 29 August 2019, however you might be able to file a complaint if there is a “significant or exceptional” reason as to why you missed the deadline.

How do I contact Platform?

Platform’s contact number is 01752 236 550. You can also write to them (details are on the website).

Apply with Trussle today

  • Fee-free online mortgage broker

  • Rated 4.9/5 on Trustpilot

  • Thousands of deals from 90 lenders

  • Straightforward online application process

  • No waiting for appointments

  • No paperwork

  • Free ongoing mortgage monitoring

Your home could be repossessed if you don't keep up repayments on your mortgage.

You may have to pay an early repayment charge to your existing lender if you remortgage.

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Sources

Information was sourced from Platform’s own website, unless referenced below.

(1) FCA