First Direct Tracker rates change

mstopham

My OH called first direct to get the ball rolling on a remortgage, her paperwork has arrived (I have not seen it or her today yet so that may shed light).
I have seen the First Direct website has now changed its tracker from 1.49% above base rate to 1.89%

I am fearing that as she was in the very early stages (ie phone quote then info sent out) she will have to get the 1.89%

Anyone have any thoughts, knowledge etc on this so I can be better prepared?

It will be a shame if it is the higher rate, it will cost an extra £20 a month which is £5k more in interest.

nyck

lucky for me i got the +1.49% rate but unlucky for me i missed out by 2 days on the +0.99%
It says on the paper work the rate you will get so i guess 1.49%.i asked the question when i got my quote does this sure 1.49 % rate and was told "YES"
Also i'm with A&L and people with fixed rates ending seem to be going on to BoE +0.99% ,i was on a SVR with 1.85% discount but that goes to the SVR .Another kick in the you know whats

nyck

ragingbass

You could argue for the lower rate, but I doubt you'd get it. I had a written quote from HSBC last year and went in a couple of weeks later to finalise and sign the paperwork, only to find they'd upped their arrangement fee by £200. I argued that they'd quoted me the lower fee and could only get the appointment two weeks later beause of their availability, not mine. To be fair the lady at the branch did ring up the head office to try and sort it out but had no joy.

nyck

Just spoke to FD and the quote is valid for 6 months PHEW.so if you were quoted before today you should be ok like myself

nyck

mstopham

nyck wrote: »

Just spoke to FD and the quote is valid for 6 months PHEW.so if you were quoted before today you should be ok like myself

nyck

I will get her to phone when able then to confirm that but that does sound like good news! Thanks

russellhq

nyck wrote: »

Just spoke to FD and the quote is valid for 6 months PHEW.so if you were quoted before today you should be ok like myself

nyck

Interesting...

I was quoted a BoE +0.49% mortgage about 2 months ago from FD but assumed that as the rates changed before I sent back the paperwork, the rate would no longer be valid.

Maybe worth a phone call...

nathanhill69

russellhq wrote: »

Interesting...

I was quoted a BoE +0.49% mortgage about 2 months ago from FD but assumed that as the rates changed before I sent back the paperwork, the rate would no longer be valid.

Maybe worth a phone call...

I think if you don't send the paperwork back within a certain time frame (something like 10 days) with the booking fee then the quoted rate expires.

sympatex

I'd agree with Nathan, I have an FD mortgage approval at 0.99 +BOE l/t tracker. I got in just before the rate drops in November/December and they said we'll honour the rate but get the paper work back asap. It doesn't cost anything so i did thast and my deal will expire in April. The way prices are heading at the moment and lack of any decent houses looks like i won't be able to use the mortgage though.

Claremac

Interested in this thread as I sent off the application form for a First Direct Variable Rate Offset mortgage yesterday. Although we aren't buying yet FD have promised us a mortgage in principle once the paperwork has been checked and this puts us in a stronger negotiating position when buying.

We don't yet have an account with them so they are setting up a current account and we will have to wait until we find a property before we can get the mortgage appliaction going for real. The theory is that with them having "approved" us, it's only the house details (survey etc|) which should take the time. Anybody know how long all this is likely to take?

Little bit nervous about dealing with a non bricks-and-mortar bank (although I can't remember the last time I went into my branch!) so, for those of you who already operate FD offset mortgages, are they easy to run online and how do you find FD as a bank, eg contacting by phone etc? Thanks for any info.

Mr._Nice

Online is fine, although to me banks are pretty much all equal on that one. It's the contacting by phone where FD really shine (and they've got awards to prove it). 95% of the time it's answered within 2 rings, it's only after the 3rd ring that you get put in a hold queue, contrast most which don't even consider that you might be answered in a couple of rings, so instantly put you in a hold queue. Actual service on the phone has always been good to excellent.

You still get to use the normal HSBC branches for the essential stuff like paying in cheques & cash if you need to.

nathanhill69

I've banked with FD since the very early days in the 80's when they were first set up (they even sent me a bottle of champagne to celebrate their 18th anniversary) and I now have an offset mortgage with them plus other accounts. I can honestly say they are the best bank I have ever had any dealings with.

spcdust