Platform brokers face delays
The lender is currently facing a large backlog of applications following the implementation of the Mortgage Market Review and a surge in demand for its products.
As such the lenders website is now advising brokers that the application process, in cases where additional information is required, could take up to 11 working days.
Platform said: “We are currently underwriting Platform mortgage cases within five days of receipt and if all required information has been provided an application will go directly to valuation.
“While some postal items being processed date back to the past 11 days, we have made vast improvements to our service levels and this is reducing all the time.”
Mortgage broker Jonathan Burridge said the delay was to be expected after Platform launched a number of competitive products.
He said: “Platform has a number of very competitively priced products and this has created a huge amount of interest.”
Burridge also praised the lender for its transparency about service standards whilst warning brokers they must consider lenders decision timeframes from the outset of a case.
He said: “Platform has to be praised for being both upfront and transparent about its situation.
“But it is down to the broker to ensure that they are aware of the service standards of a lender before submitting an application. This is the same for any lender.”