Platform Mortgages

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Last updated on 01 February 2021.

Platform Mortgages FAQ

What is a Platform mortgage?

A Platform mortgage is a loan that enables the borrower to purchase a property. Aspiring homeowners may wish to take out a residential mortgage, whereas investors might seek buy-to-let mortgages if they wish to rent out a new property to tenants.

How does loan-to-value work on a mortgage?

Mortgages offer loan-to-value (LTV), a metric showing how much of the property’s value will be covered by the mortgage itself. For example, an LTV of 80% would mean presenting your lender with a deposit worth 20% of the property’s value up-front.

Are lower LTVs better for me on a mortgage?

A lower LTV means lower perceived risk for providers of mortgages, who may then choose to charge a lower rate of interest. This makes your mortgage less expensive over the long term because interest is cumulative. You do need to be mindful of how the costs will stack up over time, however.

Are there interest-only mortgages available?

Yes, some providers offer mortgages on an interest-only basis. This means that the monthly repayments will simply consist of the interest on your mortgage. This reduces the costs over a month-to-month timescale. However, interest-only mortgages will keep the mortgage outstanding, waiting to be paid as a lump sum when the term finally expires.

How do I compare Platform mortgages?

If you wish to shop around and find mortgage deals with Platform or its competitors, NerdWallet UK has a useful comparison table. This allows you to find mortgage products with a variety of interest rates, LTVs and other mortgage terms and conditions.

What is a repayment vehicle on a mortgage?

When you take out a mortgage with Platform or another provider, you can use a repayment vehicle to help pay it back. Repayment vehicles are investments in assets such as property, stocks, shares or even bonds. They help generate the cash flow needed to pay back the cost of your mortgage and any interest it entails.

Can I pay my Platform mortgage back early?

It might be possible to pay your mortgage back earlier than planned with your provider. However, some providers will introduce an early repayment charge (ERC), which will add costs to your mortgage. Providers often use ERCs to dissuade borrowers from exiting their mortgages ahead of the agreed term.

What happens if I default on a mortgage?

Mortgages are long-term financial commitments, so defaults are very serious. You may have to sell your home—in order to meet the costs of the debts you still owe. You can expect your credit score to be reduced, as the provider will also deem you less creditworthy.

What kind of deals can I get on a mortgage?

Any deals on a mortgage depend on the provider who presents them in the first place. Some might be in a position to offer cashback, special fee discounts or exclusive interest rates that only certain customers can attain. Please note that many of these offers may last for a limited time only.

Services offered by this provider may change over time. Always check Ts&Cs.

NerdWallet has selected Koodoo to provide you with this information-only online comparison service on a non-advised basis. NerdWallet will receive a share of the commission that Koodoo earns from the lender or from our partnered broker, Fluent Mortgages.

Koodoo is the trading name of Mortgage Power Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 845978), and is a registered company in England and Wales (company registration number 10978680), with a registered address at Scale Space, 58 Wood Lane, London, W12 7RZ

Fluent Mortgages Ltd is authorised and regulated by the Financial Conduct Authority (FRN 458914), and is a registered company in England and Wales (company registration number 10978680), with a registered address at 102 Rivington House, Chorley, New Road, Horwich, Bolton, BL6 5UE