First Direct Tracker rates change

mstopham

Mr._Nice wrote: »

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.

Thats pretty much in line with our experience on the couple of times we have rang. Answered promptly and dealt with efficiently and politely.
Sharp contrast to trying to speak to Standard Life for a redemption notice!

Claremac

Thanks, that sounds encouraging! I look forward to dealing with them.

spence

I've been offered +1.49% by FD, and will probably sign up Monday. Just wondering if anybody thinks this will increase/decrease from its current +1.89% over the next couple of years. (I'm thinking up). I'm currently with the One Account (variable which is at 3.9% from 2nd Feb, 4.1% now).

Sit it out or move?

It adds up now but thoughts on the future are trickier.

manxtiger

Hi there

We're just in the final stages of sorting out our mortgage with First Direct and I am pleased to say that they honour the rate that is 'displayed' at the time of your call to the time they call you back to go through the setting up process and throughout sorting the paperwork.

We phoned when the Offset Lifetime Tracker was at 0.49% above BOE Base. They couldn't process the call on that day so they scheduled a call back in a week and a half's time. Two days after our initial call they pulled the product however: true to their word they honoured the 0.49% and we now have a mortgage at 1.99% which is just brilliant.

So I guess what I am trying to say is - in my experience they will not put your rate up just because that product is no longer available.

In addition their customer service has been exemplorary and I would certainly recommend them to anyone.

Hope this helps

dlk

To put the OPs mind at rest (I work at FD) the rate is set when you complete the agreement in principle so if you've received your KFI etc you are fine for 6 months. The only exception to this is fixed rates where you have to confirm you want to proceed and pay your booking fee in 4 working days to guarantee the rate. Hope this helps.

mstopham

dlk wrote: »

To put the OPs mind at rest (I work at FD) the rate is set when you complete the agreement in principle so if you've received your KFI etc you are fine for 6 months. The only exception to this is fixed rates where you have to confirm you want to proceed and pay your booking fee in 4 working days to guarantee the rate. Hope this helps.

Excellent that is great news, she has the KFI and agreement in principle and it is for the 1.49% above BoE tracker so no fixed element.

I there is only fixed and variable options on the form though, no tracker, which should be ticked?

Claremac

Just to say that 'm very impressed so far! I sent the application for a mortgage on Friday and yesterday (Sunday!) I got a phone call from them but I was out. Rang back this morning (answered on the second ring) amd there was a box I'd ticked incorrectly. The lady corrected it and said "That's fine, your bank account is set up and I'm passing on the application to the mortgage department."
So far, so good - so different from my recent dealings with Woolwich/Barclays.

jayremoh

sorry this is a little off topic?

can the FD offset mortgage be intrest only and if not whats the longest term?

i tried searching and recall seeing something a while back but cant find it now.

thanks

Claremac

Yes, the FD offset mortgage can be interest only. If you go on to their website you can see there is a mortgage calculator on the left hand side which may help.

sympatex

As a note of interest, to be interest only FD requires 20% equity/deposit i think.