How long for First Direct Mortgage Application

dpw

Last week I decided to reserve a FD fixed rate mortgage and was told on the phone after 50 mins of questions and info, and paying the booking fee that although it was not a formal Decision in principle, they would be willing to lend to us pending the provision of documents and completion of application form. These were sent yesterday by next day delivery.

In the meantime we have received a cash offer on our property and the buyers are keen on a quick sale(i.e ~8weeks). We are also looking to buy a vacant property with no onward chain. We are now concerned that if we don't move out we might lose our cash offer, but really do not want to have to rent in between moving properties. FD are only giving the standard issue statement "it will take between 10-12 weeks due to chains, searches etc, etc. Without any additional chains or mortgage applications etc I would be hopeful that the process may be quicker.

1. Can anyone tell me whether they generally take this long with straightforward applications in reality or is there prospect of a quicker process?
2. FD say on the phone that they have given a DIP to us and that were are now undergoing a full application, but that they apparently do not send a formal confirmation of this. The vendor wants proof, and FD have given a telephone number for 3rd party contacts, but they say they cannot tell us whether they can tell the vendor we have a DIP or not!!!

I would be grateful for any info

PeteHi

they say about 10-12 weeks in total, ours was about 5 weeks until we got the deeds to sign off them.

I found the main problem was with setting up the banking through them, they didnt seem to know what they were doing... One advisor would ring us and ask us questions and we would give them all the answers, then somebody else would ring 2 or 3 days later and ask the same thing. This happened several times, slowing things down considerably :mad:

Then after us signing and returning the deeds to them, they call us back to tell us the valuation hadn't actually been done before they sent the deeds out, so its back to square one.

In the meantime Ive seen a few lenders have started to offer better deals than FD, so Im sorely tempted to walk away from them.

SpongeBob_2

Our application has been very smooth (so far), we are now only waiting until the end of our current mortgage deal to finalise everything. FD have been brilliant and we could have completed the mortgage in about 5 weeks if we didnt have to wait out our tie in period with our current lender.

maninthestreet

silversaxman wrote: »

hi

take a look at this thread.

http://forums.moneysavingexpert.com/...html?t=1007533

First National and First Direct are not the same organisation.

shell1000

i would be really interested to see what anyone elses experience of this one is, after wasting two weeks sorting out a mortgage with nationwide to be told my loan to value ratio is 76.67 and not good enough for a 75% deal, im back to square one, the 80% ltv deal with first direct seems my best option but the 10-12 weeks quoted timescale is horrific..

any help please!

350nutter

I've just completed a remortgage with FD, I had a delay in the process as one of the documents didn't arrive (or was mis-filed). I didn't push them to complete quicker. I've pasted my timeline below, although a different product, most of the steps should be the same I imagine.
There's also a long thread knocking around somewhere on the process if you do a search.
First Direct remortgage progress

30 March 2008 – Initial contact with FD
2 April 2008 - FD withdraws product
3 April 2008 – Documents arrive from FD, product reserved over phone by payment of £299
15 April 2008 – Application documents returned to FD
19 April 2008 – Acknowledgment letter arrived
8 May 08 – bank statements/P60 + payslips returned
28 May 2008 – received SMS stating valuation completed and accepted
5 June 2008 – Received mortgage paperwork for signature and witness, returned same evening
8 July 2008 – Called FD to chase, they need offer of mortgage docs returning (sent 10th May) – Advised I have never received these. They to organise reprint.
10 July 2008 ‘Offer of mortgage’ docs received and returned same day.
6 Aug 2008 – Text received advising mortgage transfer complete.
7 Aug 2008 – New mortgage visible on online banking.

dpw

So far so good with FD. FD only got the application form and supporting documents on Tuesday. FD called on Wednesday to check on a few minor details, and by Friday we had received the documentation confirming that the current account was up and ready to use. On Sunday got a text message confirming that the mortgage was approved pending valuation.

Very impressed with FD at present.

Akeap

I'm somewhere on that long FD thread but we could have completed in 5 weeks by "gentle pushing of all partys" but FD were excellent getting the paperwork out and mortgage setup. But the person I bought from messed us about by 1 weeks and my buyer was clueless about sending his deposit :mad: so we went over by 2 weeks.

It did involve my G/f setting up her banking with FD too (although I had been with them for 9 years) so that delayed a few days and the firm they use for surveys were a bit of a pain getting them to travel to Southampton from their Nottingham base :mad: and then sending the survey back to FD on the system but a quick phone call to them to prompt them did the trick as I was paying them to do the survey as such!!

I made sure up front that the time frame we had to complete made clear to FD and they tried their hardest to meet it and pretty much did. :T


But you do need to be on the ball with all aspects of the buying/selling process to make it go through.

Chase your solicitor to get them action everything asap and make sure they use email and fax for communications to buyers/sellings solicitors as they still have a habit of sending stuff by post that could easily be confirmed or discussed in 10 mins via email rather that 3/4 days via post going backwards and forwards.

Good luck with the application, I'm sure you will be fine and also have a mighty fine mortgage package at the end of it that you can easily see the balance online and it will really motivate you to reduce the mortgage early :A

TighterThanTwoCoatsOfPain

I remortgaged with FD (completed 6 weeks ago).

I have to say i have never experianced a more competant bank. Everything was done when i asked. I wasnt time pressured as was waiting for my old redemption period to lapse, but i requested 1st July as the transfer date (knowing it might slip as no doubt the 1st being a popular date!) but all went as planned..

I was already a customer but the missus wasnt. I thoroughly recommend them.

maninthestreet

I already have an FD current account, and have just applied for an offset tracker (BOE BR + 0.99%), sending off the application form last Friday (15/8/08). I'll let you know how quickly it progresses.