Platform sees gross mortgage lending of £250m
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Platform, the intermediary lender of Co-operative Bank, carried out gross lending of £250m in the first six months of the year, its parent company’s results reveal.
This compares to gross lending of £600m in the whole of 2010 and £300m in 2009.
A spokesman for Platform says in 2010 it carried out the majority of its lending in the first half of the year before it moved its mortgage processing from London to Leek.
But he expects Platform to carry out the bulk of its lending in 2011 in the second half of the year and expects to do the same, if not more lending than it did in 2010, and this will be driven by an increase in buy-to-let lending.
Overall, Co-operative Financial Services made an operating profit of £131.3m in the first six months of the year, up 20.1% on the first six months of 2009.
Its Corporate and Business Banking arm, which includes its corporate banking, business banking and Platform divisions made an operating profit of £25.7m, down from £21.6m in 2009, following a rise in impairment losses.
This profit also includes its Optimum business, a closed book of intermediary introduced and acquired loan book assets.
The division’s net interest income increased 24.8% to £80.4m following progress in growing liability balances from £4.2bn in June 2010 to £6.7bn in June 2011.
The accounts also reveal CFS has made a PPI mis-selling provision of £90m.
It says whilst it is an industry-wide issue, as a member-owned organisation, it is committed to doing the right thing for customers, especially when it gets things wrong and it will ensure those customers that were mis-sold PPI are dealt with fairly.
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Readers' comments (3)
Anonymous | 25 Aug 2011 2:28 pm
platform recently declined a case for a client of mine - 75% BTL purchase, she earns £75k pa and has had a resi mortgage for 4months and a BTL for 18m - Platform declined her app as they consider her as a FTB - platform AKA 'let's look for reasons not to lend'
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Dan McGeehan | 25 Aug 2011 5:06 pm
It clearly says in the criteria you need to be an owner occupier for 6 months. With any case's especially BTL you need to make sure if fits the lender's criteria before applying.
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Rob Jupp | 25 Aug 2011 5:42 pm
I think it’s morally wrong for someone to come on to this website and try and destroy a lender because of one case and unlike a Kangaroo Court there are always two sides to the argument. I feel the disappointment daily of where the ‘mortgage risk curve' is but I do honestly believe that you would struggle to find many more lenders who are more intermediary focused then Platform are.
Before I get shot down in flames, I have no vested interest in saying this whatsoever. I simply take umbrage to the ‘Anonymous’ comment of 'Platform AKA 'let's look for reasons not to lend' which is futile and grossly inaccurate. If more lenders completed on £250 million of mortgage assets in the first 6 months of 2011, like Platform have, the job of a more advisor would be both more rewarding and more straightforward.
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