First Direct

princessposh

Hi All
Just agreed aggreement in principle from FD for a mortgage. Application forms in but aware that there is a 10-12 week wait. Is this standard across most lenders these days or just FD?. If so has anyone any advice as to whether this will cause delays with house purchase?. (house we are purchasing is part of probate) so assume it could be delayed slightly anyway!. With house prices falling i'm a bit concerned a long delay will work against us.

thanks

lisyloo

It's quite normal, becuse there has to be credit checks, valutions, legal work.
There is no queue of buyers at the moment so I don't think you have anything to worry about.

Anecdotally First Direct are turnign things round quicker than this.

However it's quite normal to have delays especially in chains.

With house prices falling i'm a bit concerned a long delay will work against us.

Well the house price will almost certainly fall which could be an issue if your LTV is high.
Buyers could drop offers but you're a buyer too and it's a buyers market.

nv200

I have just gone through the First Direct mortgage application process, for a re-mortgage and including a visit for a valuation I reckon the process has taken 6-7 weeks. If you are prompt with all your replies then they are pretty good.

I would ensure you 3 months bank statements(of personal and joint accounts), 3 months payslips, and the last p60 for all applicants all ready so when they are needed you can quickly get them sent out(they take internet copies of bank statements aswell as originals)