Platform has been operating in the mortgage market for over ten years and is regulated by the Financial Services Authority (FSA). We always act in strict accordance with FSA rules and regulations that govern the practice of lending money to fund mortgages in the UK.
The regulations include a requirement to be able to demonstrate that we are a responsible lender and 'Treat Customers Fairly'.
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 | STATEMENTS FROM LENDERS
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It is not unusual for a lender to grant a 'first mortgage' for a customer in their fifties when they are taking advantage of their local authority's Right to Buy scheme. This allows existing tenants to purchase their home at a substantial discount to its open market value.
Mr and Mrs Tomlinson were advised by their independent mortgage adviser, who had conducted a full assessment of their financial situation, to apply to Platform for their mortgage.
All applications are assessed in accordance with our lending policy.
This includes;
A credit search Verification of income (at the time of application, the income would not have exceeded 3.5 times) An affordability assessment Verification of the conduct of tenancy payments and a valuation of the property. Mr and Mrs Tomlinson would have signed a mortgage offer letter confirming that they understood and accepted the terms and conditions of the mortgage.
In circumstances where borrowers find themselves in financial difficulties, we maintain contact with the borrowers and offer a range of options to help manage their situation.
These include:
Home visit debt counselling services Referring them to the Citizens Advice Bureau or Consumer Credit Counselling Service Issuing income and expenditure assessment forms to better understand their financial position Using information gained from any or all of the above options may allow us to consider actions such as: Changing mortgage payment due dates Granting a mortgage term extension Altering the terms of the mortgage from capital repayment to interest only We fully appreciate that the situation Mr and Mrs Tomlinson find themselves in is unfortunate. We continue to work with them to bring this matter to a conclusion.
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