FD mortgages - how long for approval?

totally_confused_3 · 12 February 2008 at 11:36AM

I know tat there are some pple who have sent back their firstdirect applications and I want to find out how long does it take for them to get back to you that the valuation is done and mortgage is approved, i.e. before exchange of contracts and actual drawdown.

I am sending back my forms today and now firstdirect tells me tat they need to open the deposit account with them first (since this is an offset mortgage) and then they can transfer the documents to the mortgage department to process my mortgage!!!!

We have actually started an application online for our bank account the previous week (i.e. 7 working days till today) and to date, they still haven't asked us for any documents so I am losing faith in their words that it takes only 7-10 working days to open a deposit account since it definitely is taking more than tat!!!!

AND they are now so busy due to their competitive rates so I am afraid that the mortgage approval might take longer than the 6-8 weeks that they are now saying.

I need to know this as we are currently living in a rented place and I need to give 2 months notice to move out and I don't want to give the notice until exchange of contracts as anything can happen. But I need to have the mortgage approved before my solicitors can proceed so can anyone please help?

silvercar · 12 February 2008 at 11:54AM

I need to know this as we are currently living in a rented place and I need to give 2 months notice to move out and I don't want to give the notice until exchange of contracts as anything can happen. But I need to have the mortgage approved before my solicitors can proceed so can anyone please help?

Whoever supplies your mortgage, you are resigned to having some overlap. You are asking for 2 months between exchange and completion otherwise which is a long time.

You don't need to have your mortgage offer before your solicitor does the rest of the legal work; if your solicitor starts the other work now everything should be ready by the time you receive your mortgage offer.

totally_confused_3 · 12 February 2008 at 12:18PM

silvercar wrote: »

You don't need to have your mortgage offer before your solicitor does the rest of the legal work; if your solicitor starts the other work now everything should be ready by the time you receive your mortgage offer.

could you clarify on the above? coz i thought even if my solicitor finishes all the legal work, she will need to get my mortgage approval before she can prepare for exchange of contracts. i am thinking tat from the time i tell her that the mortgage is approved, it might take her some time (say 1-2 weeks) to get the documents ready for exchange even if everything else (i.e. searches etc) is done. am i not right?

and i need to budget in some time for renovation. so i thought 2 weeks (mortgage approval to exchange) + 2-4 weeks (exchange to completion) = 4-6 weeks

I am just waiting for my mortgage to be approved before giving notice.

silvercar · 12 February 2008 at 1:36PM

i am thinking tat from the time i tell her that the mortgage is approved, it might take her some time (say 1-2 weeks) to get the documents ready for exchange even if everything else (i.e. searches etc) is done. am i not right?

Not if you instruct her to do all work in preparation. On one property we bought we exchanged the morning the mortgage offer was faxed through to the solicitors.

totally_confused_3 · 12 February 2008 at 2:15PM

tat's great to know!!!! let me call my solicitor. thanks so much!!!

dweeby · 12 February 2008 at 2:55PM

totally_confused wrote: »

I know tat there are some pple who have sent back their firstdirect applications and I want to find out how long does it take for them to get back to you that the valuation is done and mortgage is approved, i.e. before exchange of contracts and actual drawdown.

We're in more or less the exact same position, but we applied for our mortgage before you did. Our time-line (so far) is as follows:

29/1 Spoke with FD, application forms sent out.
30/1 (1 day) Documents received from FD.
31/1 (2 days) Documents returned to FD by special delivery.
5/1 (7 days) More ID requested, posted back same day.
7/1 (9 days) Account confirmed processed, but nothing about the mortgage.
13/2 (15 days) Query raised regarding my wifes income.
15/2 (17 days) banking welcome pack arrived (followed by cashcard etc 16-17/2).
15/2 Faxed back info regarding wifes income.
19/2 (21 days) Breakthrough! Under-writing finished, mortgage offered verbally (subject to valuation). Case passed to mortgage support to organise the valuation, woo-pee!
22/02/08 (25 days) all documentation received back (P60, statements, wage slips etc.).
25/2/08 (28 days) valuer instructed (approx date).
27/02/08 (30 days) valuation took place (approx date).
28/02/08 (31 days) formal mortgage offer letter recieved. Signed and returned "same day".
29/02/08 (32 days) called - valuation fine, offer acceptance still not on our file, told solicitor pack to be sent out 2-3 working days.
5/3/08 (37 days) FD sent out legal pack.
7/3/08 (39 days) solicitor updated me - legal mortgage offer received.

Now we're cooking on gas! and that's probably about me, I might add another update with contracts, exchange, completion - but I might be too busy:beer:

Got there in the end (or at least, I think I've arrived!).

HelpMeMove · 12 February 2008 at 4:15PM

thanks for the timescales dweeby. Have just sent off my application form this morning by special delivery.

They only requested mine and my wifes P60's, last 3 months pay slips and bank statements. What additional proof of ID did they request later? (whish I had read this earlier!)

Also, with regards to sending your documents back, they don't. They shred them and recommended sending a self addressed envelope with a note if you want them back. A word of warning.

totally_confused_3 · 12 February 2008 at 4:16PM

OMG!!!! I totally forgot abt using special or recorded delivery and simply sent my forms back in the freepost!!! Am I daft??? I am now sooo worried tat it might get lost as those are all my originals!!! I did think abt getting them back from FD after they have processed but never thought of them getting lost in the mail!!!

totally_confused_3 · 12 February 2008 at 4:18PM

HelpMeMove wrote: »

Also, with regards to sending your documents back, they don't. They shred them and recommended sending a self addressed envelope with a note if you want them back. A word of warning.

Did they tell you this? Coz I wanted mine back but they didn't mention anything!!! OMG.. I think I am the daftest person in the world right now!!!

HelpMeMove · 12 February 2008 at 4:19PM

Yes, but not first time round. I called them this morning before I posted to confirm. But she didn't sound very sure. Didn't want to chance it.

I almost didn't call them myself, only speaking to a friend he asked me what they will do with the docs. I assumed they send them back. Don't beat yourself up about it.

totally_confused_3 · 12 February 2008 at 4:31PM

I just got off the phone with firstdirect and the lady on the phone said they don't shred the docs and will send them back. But I am not sure who to believe anymore!!! I am soooo stressed!!!!

And they can track if they have received my docs in the freepost but they will need sometime to get it on the system so I can only ring back and check at the end of the week!!!! OMG... that's 4 days worth of worry for me!!!!

FD mortgages - how long for approval?

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