Mixed reception to Platform's move

Brokers have highlighted potential difficulties that could arise from unclear lending policies where lenders have moved from specialist sectors to mainstream markets.

Platform moved from specialist to mainstream lending at the end of 2008, but concerns have been raised that processing of specific cases may not yet be smooth, following problems encountered with case approvals.

At the time of entry into the mainstream sector, the lender said it recognised the need to adapt and respond appropriately to the current market conditions.

David Tweedy, managing director at Platform, said: "We are fully committed to listening and responding to the needs of our customers, and we will adapt our offering accordingly."

However, Rob Killeen, business manager at Capital Fortune, expressed concern that inconsistencies and delays in cases would risk the ability of a client to purchase a property, but welcomed the fact that Platform had entered into mainstream lending.

He explained: "They have brought with them some amazing products and a great online application platform. Our slight concern is that when underwriting mainstream cases, they must be clear they are processing cases smoothly, without difficulty and are not applying sub-prime criteria. There can be serious problems and stresses faced by people if there are inconsistent policies and criteria are unclear."

Neil Hoare, sales and marketing director at Pink, said there would be the occasional case that proves to be more work than usual but stressed that entering into the mainstream market was a learning exercise both for Platform and for brokers.

He added: "The helpful element of Platform's move into the mainstream market is that it is committed to holding regular customer forums where distribution partners bring feedback to discussion. This will help its proposition because it is listening to the thoughts and comments of brokers as it move into a new area."